This study is an attempt to examine the concepts of collection development and collection management through extensive literature review. Though these phrases are being used interchangeable but there is hardly any consensus on which term is more comprehensive. Are these terms the same or different? Some authors see them synonyms and other the expansion and extension of one another. The evolutionary studies of collection development and collection management show that these two are overlapping terms in nature, however, the two areas together are difficult to define. This study is an effort to present an argument on these terms in a bifurcated way based on literature review.