This paper explores the topic of technology management (TM) through the lens of dynamic capabilities theory. Technological changes are continuously creating new challenges and opportunities new product, service, process and organisational development. However, these opportunities need to be captured and converted into value through effective and dynamic TM. This requires a new way of understanding TM that captures its dynamic nature as well as managerial aspects. A TM framework is presented that is based on dynamic capabilities theory, emphasising the development and exploitation of technological capabilities that are changing on an ongoing base. Dynamic capabilities theory is not primarily concerned with fixed assets, but rather aims to explain the way in which a firm allocates resources for innovation over time, how it generates and deploys its existing resources, and where it obtains new resources. This is highly relevant for developing an approach to TM that can explain how combinations of resources and processes can be developed, deployed and protected for each TM activity. A framework is proposed that positions TM activities with respect to the wider business context, supported by a case study to illustrate the value of the TM framework.