Abstract: Globalization and its handmaid knowledge society are bringing about a major change in the entire social system and this in turn is creating several discontinuities in the social order in many parts of the world. In some countries, the traditional economy has been thrown out of equilibrium, in some others, the political system has been destabilized and in all countries, the existing social order based mostly on conformity has been dislocated or derailed. This study examines, the prospect of sociological theory in the wake of Information Technology (IT) and Knowledge Revolution (KR) that are overtaking societies and that are upsetting many of the traditional values and norms of behavior of individuals and organizations in society. It tries to habilitate sociology and its theoretical underpinnings in the matrix of the knowledge society built on Information Technology (IT).