Purpose - The paper aims to summarize important findings on knowledge management (KM) and new product development (NPD). Also, it seeks to propose an integrative framework on KM and NPD. Design/methodology/approach - The authors review the literature on KM and NPD, and derive common themes behind these research streams. Based on such themes, they build a conceptual framework integrating the two areas. Findings - Based on the literature review, this paper argues that seemingly distinctive research streams, KM and NPD, are eventually another form of innovation to cope with external volatility. Research limitations/implications - The paper hints that various managerial theories and approaches may, in fact, address similar issues and that it is possible to develop a comprehensive framework without losing distinctive features. Originality/value - The paper attempts to derive common themes from two separate research streams and to propose a comprehensive and simplified view. A proposed framework can be an introductory guideline for those considering a more thorough investigation on management theories.