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As we have entered into the twenty-first century, the economy has undergone a great transformation. The economy has literally become weightless. In the weightless economy, the emphasis has shifted from machines, materials, and other physical resources to information and knowledge. Information and knowledge are the thermonuclear competitive weapons nowadays. More and more economic activity has become invisible and intangible. The focal point in the new economy has shifted from exploration of physical objects to exploration of knowledge-based resources and their efficient and effective management. In the last decade of the twentieth century, almost unnoticed revolution in the corporate world took place: the transition from industrial capitalism, where business was based on tangible physical assets, to a new economy, where the production of goods and services and value creation in general depends and relies on invisible intangible assets. The primary objective of the present study is to build a theoretical construct in the field of evolution of knowledge asset with a view to exploration of the concept of knowledge asset and the need for its management in modern-day life. It further aims to investigate through an empirical study the qualitative disclosure of knowledge assets in terms of selected attributes for the Indian Pharmaceutical and IT Industries based on their annual reports. Content Analysis technique has been used to analyze the degree of disclosure of knowledge assets in terms of attributes.