Existing knowledge systems incorporate knowledge retrieval techniques that represent knowledge as rules, facts or a hierarchical classification of objects. Knowledge representation techniques govern validity and precision of knowledge retrieved. There is a vital need to bring intelligence as part of knowledge retrieval techniques to improve existing knowledge systems. Researchers have been putting tremendous efforts to develop knowledge-based system that can support functionalities of the human brain. The intention of this paper is to provide a reference for further research into the field of knowledge representation to provide improved techniques for knowledge retrieval. This review paper attempts to provide a broad overview of early knowledge representation and retrieval techniques along with discussion on prime challenges and issues faced by those systems. Also, state-of-the-art technique is discussed to gather advantages and the constraints leading to further research work. Finally, an emerging knowledge system that deals with constraints of existing knowledge systems and incorporates intelligence at nodes, as well as links, is proposed.