In spite of huge funding on hardware and software to implement knowledge management (KM), organizations have not achieved their expectations. The present research is an attempt to provide a reply to the following fundamental question: What kind of approach does an organization have to take to lead it to competitive advantage based on the company's key resources? In other words, what is the path towards maturity for an organization to get the most out of its knowledge? And what processes are the organization supposed to invest in, in order to the knowledge management to be in line with its objectives and requirements? Research method is an exploratory research using Grounded Theory in which data types are qualitative. For data gathering, we used purposeful sampling and semi-structure and in-depth interviews (individual and group). Then, Constant Comparison analysis was used for data analysis. The implementation model reveals that the KM development is realized through a four-loop learning process, in a way that the organization resources through the process, are upgraded and transformed into pivotal capabilities and competencies. Therefore, if an organization fails to fulfill this process, all its investments come to nothing and are wasted. The model offered here elaborates the stages of the development and implementation of KM and illustrates the essential role of each of the following crucial matters in KM implementation: learning processes and loops, the organization resources and the innovative use of information technology.