Many attempts have been made to capture, on the one hand, the very nature of knowledge, and on the other hand, the nature of context. In this paper, we compare the two concepts of context and knowledge which, obviously, share some common aspects. We review the main characteristics of both concepts and while we conclude to a large overlapping of the two concepts, we also emphasize their differences as regards decision making and action. We start by reviewing the most famous views and definitions of knowledge. Then we give some characteristics of knowledge that appear important to us. We also introduce the notion of context with its main components. Then, we stress the differences between knowledge and context.