The process of Collaborative Product Development (CPD) comprises highly creative and knowledge-intensive tasks that involve extensive information exchange and communication among distributed teams. Traditional information management systems fail to provide adequate capability to support CPD, due to their inflexible data structures and hard-wired usage procedures, as well as their restricted ability to integrate process and product information. An ontology-based method of knowledge management is proposed to support CPD. The key idea hiding in the method is a flexible ontology-based schema with formally defined semantics that enables the capture and reuse of design knowledge. A part of CPD-oriented ontology library represented by UML is displayed.