Abstract Despite the rapid growth of business network research, effective approaches for systematic network management are still in their infancy. This article introduces a systematic approach for managing networks—key network management (KNM). This emerges by expanding the ideas of key account management (KAM) into the network context. A key network refers to a set of actors mobilized by the focal company to realize an opportunity. An opportunity is anything that potentially represents or results in value to the company. A company may manage several key networks. The KNM approach includes three basic elements: (1) identifying a key network, (2) strategies for managing actors of the key network, and (3) developing and applying operational level methods for managing actors within the key network. The KNM approach is not only focused on using networks to fulfill existing needs, but also on discovering new opportunities and establishing and managing networks to realize these opportunities. This article provides a framework for the implementation of KNM approach.