This chapter provides an understanding of the fundamental principles behind key management. We consider the typical stages in the lifecycle of a cryptographic key and then review each of these stages in some detail. We discuss the choosing of key lengths and look at different techniques for key generation, including key derivation and generation from components. We then look at different techniques for key establishment, including the use of key hierarchies, key wrapping, and quantum key establishment. We then look at key storage and discuss the role of hardware security modules. We also consider key separation, key change, and key destruction, before closing with a short discussion on governance of key management.