“For to one is given by the Spirit the word of wisdom; to another the word of knowledge by the same Spirit….” I Corinthians 12:8.
These are two related Gifts of the Spirit that are not directly defined in scripture but are clearly speaking gifts from the use of “word”. The Greek word for knowledge used here means simply knowledge and understanding. The Greek word for wisdom means the application of knowledge and understanding. Therefore, knowledge focuses on a gift of understanding the deep-truths of Scripture while wisdom focuses on the practical application of truth. The purpose of both gifts appears to relate in speaking truth from the Scriptures to others in a way that has a practical application to their lives and to do so with discernment and at the proper time they need the word.
Although a person could possibly have one gift without the other it would seem that many times these gifts would be combined in the same person. The Gift of Wisdom helps one with the Gift of Knowledge not to get prideful in the extraordinary ability that the Spirit has given him or her to apply Scriptures to others.
I have known persons with this gift who regularly have a word from the Scriptures that clearly speaks to fellow believers about something that is happening in their life and provides a real blessing and encouragement to them. These gifts, as all Gifts of the Spirit, are very needed for the building up of the Body of Christ. A person with these gifts has the right word at the right time for a Brother or Sister and delivers it with discernment.