This article offers a comprehensive review of the state of the art in knowledge management (KM) applied to the appraisal and evaluation of investment projects. KM, which focuses on the creation, storage, and utilization of knowledge within organizations, plays a critical role in improving the accuracy and efficiency of these processes. The article examines how KM practices are integrated into the financial, technical and social evaluation of projects, highlighting the most effective methodologies to maximize the value of investments. The relevance of technological tools, such as decision support systems (DSS) and data management platforms, which allow a more comprehensive and informed analysis, is analyzed. Through a systematic review of recent literature, key approaches that improve predictive ability and risk assessment are identified. Furthermore, the increasing importance of the alignment between the knowledge generated during the appraisal and its effective application in strategic decision making throughout the project life cycle is discussed. The article concludes that greater integration of KM into all phases of project evaluation can not only improve the accuracy of appraisals, but also optimize strategic decision making, allowing organizations to better adapt to risks and maximize profit. return on your investments.