This paper attempts to evaluate relevant literature related to management development, competitive advantage as well as the links between management development and competitive advantage. This will be done through assessing the emerging role of management development in organizations, the dynamics of competitive advantage and conceptual model on linkage between management development and competitive advantage. The focus is on the link between management development and competitive advantage by comparing and contrasting two representative models through cross referencing and to suggest a conceptual model that fundamentally integrates both models. The findings of this review indicate that there are several aspects of the management development and competitive advantage models which are mutually inclusive especially in the areas of corporate vision and strategy, learning and knowledge as well as skills. Other integrated areas which were observed, are decision making, behavioural and cognition development. The proposed conceptual model suggests a methodological guideline and recommendation for implementation and practice of management development.