This chapter contributes to the literature through a synthesis of the hitherto disparate organizational learning and knowledge management fields. Two distinct epistemological traditions are identified, and the literature under each tradition is synthesized separately to start with. Epistemology of possession considers knowledge as an object that can be codified, stored, retrieved, and applied to achieve organizational outcomes. One of the major contributions of this chapter is to present an integrated model of organizational learning synthesizing the frameworks of Kolb (1993), Crossan, Lane, and White (1999), and Nonaka (1994), each of which is a dominant theoretical strand within the epistemology of possession. The epistemology of practice, in contrast, assumes knowledge as an integral part of doing and as something that cannot be distinct from the process of learning. By indicating a directional attempt at synthesizing the two epistemologies themselves through the multi-faceted literature on routines, the authors make another contribution to the literature. They illustrate implications for competitive advantage throughout the chapter.