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The aim of the present study is to explore the perception of Library and Information Science professionals in central universities about Knowledge Management and its integration into library practices. The study is conducted through survey by using a web-based questionnaire. A well-structured both close and open ended questionnaire was administered to 75 LIS professionals who had been working in different central university libraries in North Indian States. The findings of the study indicate that LIS professionals’ attitudes about KM varied from one another and their understanding of KM concepts also differed from person to person. But, the majority of them were of the view that KM provides enormous opportunities for LIS Professionals. The paper presents an overview of the perception of knowledge management among LIS professionals, and commends that KM skills should be imparted among LIS professionals so that they can stretch their understanding, change their long lived schemas, and to apply a rounded approach to design of KM system and library practice.