In the scientific literature, there are different approaches to intellectual capital (thereafter – IC) management in an organization. Many IC management theories and approaches are based on determining the type and amount of intellectual capital in the organization and the calculation of the financial return or value created in terms of money, which is only part of the IC management aspects. Nowadays, it is important not only to determine the amount of intellectual capital and return on capital, but also to use intellectual capital in order to ensure the sustainability of the organization, which sometimes is not fully included in the IC management approaches and theories. The study aims to develop an approach to the elaboration of the IC management and development strategy based on modern management theories and approaches. The triangulation method is applied in the research: theoretical background is formed on systematic literature review (state of the art method), logical and comparative analysis, deductive method is used to interpret the general information. Theoretical investigations are approved by field research using expert interviews.