This study reviews the literature to elaborate the concept of information literacy, its significance and application in academic and educational systems. Information literacy (IL) is known as a strategic tool for any citizen in knowledge-based societies and systems. Every member of a competitive and information-based system and society needs to be empowered with IL skills. It is not just a concern of a specific group or people. Therefore, this paper is aimed at elaborating the concept of IL in various levels of society, specially the academic systems.