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This paper presented a review of the literature related to knowledge acquisition and knowledge creation. The paper discussed the nature and types of knowledge, knowledge acquisition, theories and models of knowledge acquisition, in addition to the review of empirical studies measuring knowledge acquisition. For knowledge creation, the paper discussed the definition of knowledge creation, theories and models of knowledge creation, and review of empirical studies measuring knowledge creation. Findings of the review revealed how researchers and scholars have used a variety of variables in investigating and measuring knowledge acquisition and knowledge creation among managers, engineers, and faculty members.