System of knowledge management stability under the conditions of dynamic changes of social medium objectively depends on the so-called “code of values” or “culture”. Goals of the system functioning, priorities of development, criteria of quality and effectiveness of activities in achieving these objectives depend on the prevailing paradigm in realizing tasks facing the object. The ever-growing stream of information makes the process of taking decisions more and more complicated. Modern research library is a very important structural element of the knowledge society because, on the one hand, it provides free access to information, achievements of science and arts, on the other hand – actively takes part in developing informational and communicational infrastructure as well as science and education. However, to be a direct productive force information has to transform into knowledge. This problem becomes more urgent in the context of the global paradigm – the economy based on knowledge. In this connection on the new stage of social evolution significance of social institutions, including libraries, engaged in producing, storing, processing and disseminating knowledge for their subsequent practical application is growing. The aim of this article is to give a brief review of publications, devoted to building up the system of knowledge management and the place of library in it. Methods, used in the research are: content analyses and generalization of native and foreign publications on the above mentioned problem.