Digital preservation or knowledge retention can be considered as the process of ensuring communication with the future. In other words, it points out the persistence of digital resources in such a way that enables its rendering with easiness, availability and comprehensibility for ancillary contemporary reuse as well as protecting the continuanceconcerns of forthcoming generations.An industrial organization is required to meritoriously consolidate, store and retrieve its wealth of knowledge rooted from within the long term experiences in order to progress decisions related to product development while attaining a competitive, inexpensive advantage. The procedure of preserving context of a digital object for a long duration of time consisted of two important factors. The first factor is the illustration of all known properties which are associated with knowledge retention. Secondly the functional requirements including all of the operations being carried out on knowledge retention. This infers that the information required decoding the data stream in order to restore the original content, the parameters around its formational environment, including the actors and resources ; information associated with the organizational body ; technical proceduresrelated to the production, access, preservation and reprocessing the digital objects. Considering the problem of digital preservation in broader concept, we can realize the whole problem into three segments namely Dimension, Application Domain, and Information Technology. In this study, we are aimed towards proposing a generic ontological context model for modeling the knowledge items annotations, the task context and the user competency profilesuch that it possesses the following attributes.