Web 2.0 services are expected to replace desktop computing applications for many purposes. Tagging is not a new concept to library professionals. But what is new is that tagging is being done by everyone, no longer by only a small group of experts. These tags are being made public to share with others. The development of the internet and search engines led users to do their own searching. In the Web 2.0 environment, users are also doing their own content creation and management. This paper describes the folksonomy approach to organizing the content, its pros & cons, and its application in libraries.