Knowledge　management(KM)　with　collective　wisdom　can　enhance　the　innovation　capacity　and　emergency　ability　of　enterprises　in　the　international　competition.　For　an　innovation　network,　the　innovation　agents　cannot　cooperate　and　share　resources　well　without　KM.　This　article　will　study　the　related　theories　of　KM　and　analyze　the　benefits　of　KM　in　innovation　networks,　then　discuss　the　processes　and　strategies　of　KM　in　innovation　networks.　The　result　shows　that　KM　have　become　more　and　more　important　to　the　innovation　capacity　of　enterprises.　©　2010　IEEE.