Accelerating speed of technological changes and globalization create new requirements on information systems engineering education and challenges university’s ability to keep course content up to date as well as to maintain a good balance between scientific and industrial issues, academic and practical aspects, and depth and breadth of knowledge to be provided. The objective of the paper is to propose means for meeting this challenge by establishing and maintaining an appropriate educational “ecosystem” in the field of information systems engineering. Recently a number of technologically advanced and administratively sophisticated methods have been applied in course delivery, course contents diversification, knowledge needs analysis and knowledge assessment. The paper shows how these advances may contribute to the overall educational “ecosystem” and draws a conclusion that a multilevel knowledge management system is needed to ensure consideration of relevant relationships and influences between technologies, methods, industrial and scientific changes as well as administrative decisions. Both, bottom-up and top-down, approaches may be used in the design and implementation of knowledge management system for understanding, development and maintenance of the educational “ecosystem” in the field of information systems engineering. The approach may also be applicable to other engineering disciplines.