There have been various attempts of Knowledge Management System in order to effectively support Knowledge Process and to manage a wide variety of unstructured knowledge. However, Knowledge Management System basically has some significant weakness for searching knowledge, extracting information and maintenance, and some difficulties to integrate such various knowledge resources. Several studies had been conducted to overcome these weaknesses and to improve the method of knowledge management. The purpose of this study is 1) to examine the effectiveness of Semantic Web Technology that has a great attention lately; whether it is useful to overcome the weaknesses, and 2) to review its strong points and some future uses. Further, differences of Semantic Web Technology compared to existing Knowledge Management System Architecture are reviewed. Finally, a new Semantic Web Enabled KMS Architecture is proposed. Also some prospects for future market direction are suggested.