Business Intelligence (BI) and Knowledge Management (KM) are close concepts to each other and both are relatively new and young area of study in Business. Reviewing the literature indicates that the clear and proper relations between these concepts, BI and KM, has not been yet established. Different researchers have considered different links between them which shows there is no consensus among the researchers. This paper first defines BI and KM, then explores their relationship by reviewing and analyzing the relevant literature and shed more light in this respect. It is found that KM and BI both have similar or common objectives and improve the decision making ability and competitive advantages for the firm. However, KM includes both tacit and explicit knowledge and has considered unstructured data and social models, while BI more focuses on explicit knowledge and is technology-oriented. The paper concludes BI and KM should be integrated, while their differences and abilities should be taken into account.