This study illustrates and assesses the role of information and communications technologies (ICT) on knowledge economy and its main pillars. According to the World Bank, the main pillars of knowledge economy (KE) are: (1) economic and institutional regime, (2) education and human resources, (3) information and communications technologies, and (4) innovation system. ICT plays a major role on the development of KE and its main pillars. Based on the correlations analysis of 2012 KE indexes of 145 countries worldwide and several worldwide examples, this paper illustrated the role of ICT on the development of KE and its pillars. These findings can assist less-developed countries to further develop their knowledge economy.