Despite that knowledge management system has been extensively studied to attain potential solutions for business use, there has been less work in dealing with the knowledge evaluation. The knowledge evaluation is one of the most important tasks to ensure that a specific knowledge object is substantially valuable to an organization. In this paper, based on knowledge flow manipulation we propose a conceptual model for knowledge evaluation (KEMKFM). The model adopts a mechanism tracing and keeping information that a specific knowledge object is created, acquired, stored, shared, and implemented. Value that it performs is also considered. The conceptual model produces ultimately a result for the importance of each knowledge object to the organization, and core knowledge may be defined accordingly.