This paper seeks to define the relationship between knowledge characteristics and their perceived value. The research model proposes that the knowledge characteristics influence the perceived value of knowledge. The survey was conducted in eight large organizations in Thailand. The proposed hypotheses were examined by applying Structural Equation Model. The research reveals two knowledge characteristics that negatively affect perceived value of knowledge due to transfer difficulty. In addition, one knowledge characteristic is found to positively influence value perception of knowledge due to difficulty to imitate, which in turn leads to competitive advantage. The study contributes to richer understanding of the most crucial factor in knowledge transfer, that is, knowledge itself. This should be of interest to management responsible for organizational knowledge exchange agenda.