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Evaluation and knowledge management share as central problems the generation, representation, communication, and utilization of knowledge. Despite many commonalities, the interrelation and interplay of both disciplines has not been analysed systematically to date. This conceptual paper differentiates four principle perspectives. On an operational level, (1) knowledge management can function as a tool in evaluation and, vice versa, (2) evaluation can function as a tool in knowledge management. On a managerial level, (3) knowledge generated by evaluations has to be managed comprehensively and (4) knowledge management efforts can be subjected to evaluations. Based on an overview of essential foundations of knowledge management, these perspectives are analysed drawing on current research from both disciplines. Consequences for evaluation practice and policy are discussed.