In the turbulent construction market, the knowledge management process (KMP) is one of the most valuable tools of sustainability to help construction companies deal with dynamic changes and enhance their construction competitiveness (CC). To effectively utilize KMP in construction, this study aims to explore the interrelationships between key KMP factors and their influences on the CC, utilizing the structural equation modeling (SEM) approach. The objectives include extracting key KMP factors necessary for the CC enhancement, identifying direct and indirect relationships between the KMP and CC factors, and developing a self-assessment form to assist construction companies in evaluating their KMP performance and planning for long-term improvement. The results show that the five key KMP factors, namely knowledge utilization (KU), knowledge dissemination (KD), knowledge responsiveness (KR), knowledge storage (KS), and knowledge acquisition (KA), have direct and indirect effects on CC and that the feedback of CC is sent back to KMP factors for continuous improvement. The KU factor is crucial for short-term improvement. Construction companies should utilize stakeholders’ current practices and experiences to solve problems, conclude lessons learned, and pinpoint practices for future uses. The KS factor, on the other hand, should be emphasized for long-term plans to enhance KMP implementation and CC achievements. A long-term investment plan should be initiated in the database system to properly and effectively implement digital transformation in the 4.0 Era. The self-assessment form developed from the study results assists construction companies in assessing their KMP implementation and planning for sustainable development.