Knowledge Management (KM) aspects have prominent role in corporate sectors since many years. But there is an opportunity in higher education sector (i.e. in academia) especially to adapt the strategy in libraries to manage intellectual or scholarly assets of an organization. This chapter is intended for library professionals, knowledge managers, students and other communities planning to implement the knowledge management aspects in libraries. The objective of this chapter is to provide insight on strategic approach for successful implementation of knowledge management in libraries. It caters to library and KM professionals who want to improve their understanding of the vital role and implementation of KM aspects in libraries. In this direction, this chapter provides ideas to its readers about the approaches about strategy and innovative measures, practical applications, tools and technologies, platforms, challenges, and issues, change management and other related aspects required for Library and Information Science (LIS) and Knowledge Management (KM) professionals.