Inter-organizational power relations have long been considered to be balanced in innovation networks, which are viewed as loosely coupled systems. Some recent studies, however, show that innovation networks are asymmetric and hierarchical, and the power of network actors has become a significant but rarely addressed issue. As knowledge is the most important resource in the network, this paper introduces the concept of knowledge power by combining related research perspectives and conducting some fundamental research on it as follows: (1) knowledge power’s origins are analyzed by proposing the term “activated knowledge” and studying the path through which it is formed over multiple levels of the network; (2) a multilevel framework of characteristics of activated knowledge, which is considered the major determinant of knowledge power, is established, and suggestions are offered for how they impact knowledge power; and (3) a multilevel measurement model for knowledge power is built, and the above propositions are tested by mathematical inference. The purpose of this paper is not only to study knowledge power’s formation, determinants, and measurement but also to offer a comprehensive view, combining multiple network levels and multiple research perspectives, that should be useful to researchers conducting future studies in this field.