Recent advancements in Natural Language Processing have opened up new possibilities for the development of large language models like ChatGPT, which can facilitate knowledge management in the design process by providing designers with access to a vast array of relevant information. However, integrating ChatGPT into the design process also presents new challenges. In this paper, we provide a concise review of the classification and representation of design knowledge, and past efforts to support designers in acquiring knowledge. We analyze the opportunities and challenges that ChatGPT presents for knowledge management in design and propose promising future research directions. A case study is conducted to validate the advantages and drawbacks of ChatGPT, showing that designers can acquire targeted knowledge from various domains, but the quality of the acquired knowledge is highly dependent on the prompt.