One of the fundamental knowledge management questions is how organizations can use their knowledge to create value. There is general agreement that knowledge management should add value. It is not clear, however, what value means in the context of knowledge management and how it is created. This fundamental question is complex as value has different meanings to different people. Understanding value in the context of KM will lead to better understanding of the potential sources of value creation from knowledge management and better management of knowledge assets. It will inform the measurement of knowledge and its impacts on organizations. It will lead to recognition of the contribution of knowledge assets to organizational success. This paper provides a review of prior research on value creation and how this can improve the understanding of value in the context of knowledge management. Based on this review it poses questions to explore value creation in the context of knowledge management. It then reports on preliminary analysis of a case study of a process-based knowledge management system and the expressions of value, value creating actions and value capture as perceived by different stakeholders.