This chapter explores the transformative potential of Artificial Intelligence (AI) and knowledge management (KM) within the framework of Society 5.0, a human-centered paradigm. Unlike Industry 4.0, which emphasizes automation and optimization of industrial processes, Society 5.0 integrates advanced technologies to address global challenges such as climate change, social inequality, and an aging population. The chapter uses the Data, Information, Knowledge, Wisdom (DIKW) model to illustrate how AI-driven solutions can transform traditional sectors like agriculture, turning data into actionable knowledge that supports strategic and long-term decision-making. Through case studies in agriculture, the chapter shows how AI and KM enhance productivity, sustainability, and collaboration. The chapter also discusses the ethical challenges associated with AI adoption, particularly regarding job displacement, data privacy, and algorithmic bias, and emphasizes the importance of human oversight and ethical frameworks to ensure the equitable distribution of AI benefits. Ultimately, this work argues that the successful integration of AI and KM within the context of Society 5.0 requires a balance between technological innovation and human-centered values. By prioritizing ethical considerations and focusing on the collaborative use of AI, businesses can leverage these technologies to foster sustainable development and social well-being, addressing both economic and ethical challenges in the digital age.