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This study discussed the Management of Indigenous Knowledge (ifa and egungun) in Osun state, Nigeria. The literature is replete with indigenous knowledge and its cultural expression and heritage. In order to successful carry out the study, a survey research method was adopted using interview as the main instrument and personal observation to complement the main instrument, data gathering, the interview questions was analyzed and interpreted. Thus, the study concluded that knowledge has to be documented and managed for future reference, aid in decision making, education and for archival purpose. Appropriate recommendations were put forward for solving the present situation. Some of which include - oral and written documentation should be done and managed, there should be a professional record manager to manage the documented records and also record knowledge can also be digitized.