With the rapid changes of business environments and the tremendous amount of information generated from those environments, most companies must learn to manage those changes and information more effectively. Furthermore, within those amounts of information, the information that meets with achieving the goal of each company should be selected and managed as a core competency, i.e. the knowledge, visible and invisible assets of the company. Knowledge management, as a tool of creating, sharing, and applying such knowledge, has pursued those requirements of companies and been studied by many researchers and consultants, especially focusing on the Knowledge Map'. It is said that a knowledge map is a powerful tool for scanning and managing the knowledge that exists in a company and that it is the most important part of establishing a knowledge management base. Until now, however, there have been no specific or practical models for establishing a knowledge map, in spite of the concern. For this reason, this paper suggests a practical model for establishing a knowledge map in terms of a knowledge acquisition procedure based on the traditional research concerning concept maps. In addition to this, for examining the validity of the model, a case study on the 'P' steel and iron company has been performed. This paper's methodology on developing a knowledge map and the procedures to apply them to the real business environment will suggest a cornerstone in the field of practical implementation of knowledge management.