[Purpose/significance]Knowledge management research has practical significance in the case of the global economic downturn. [Method/process] This paper is a comprehensive study of the knowledge management theory and practices, which is divided into three parts: first, we use CiteSpace to analyze 5,000 articles related to knowledge management, trying to discover the association between various knowledge management activities and the research focus. Second, our team conducted a survey on 559 companies to understand the current status of Chinese enterprises’ knowledge management. We found that social network is the main source of knowledge acquisition; the majority of enterprises are still in the preparation period of knowledge management practice; knowledge-intensive practices are few. Third, we use the structural equation model to explore the impact of the knowledge management on exploratory innovation, exploitive innovation and enterprise performance. [Result/conclusion] The research found that there is a positive correlation between these three elements. Besides, most of the enterprises are concerned about knowledge depth rather than knowledge breadth or linkage. Authors propose suggestions for Chinese enterprises on knowledge management and innovation.