A Dissertation Submitted to MUDCC in Partial Fulfillment of the Requirements for the Award of the Degree of Master of Business Administration in Corporate Management (MBA-CM) of Mzumbe University.The aim of this study was to investigate the relationship between working capital management and profitability of listed companies in Dar es Salaam Stock Exchange. The objectives of the study were; to determine relationship between working capital management and return on assets, to determine relationship between working capital management (WCM) and return on equity (ROE) and to determine relation between WCM and cash conversion cycle (CCC). Data was gathered from selected sample of seven (7) listed companies from 2008 up to 2013. Most of the data collected was secondary data obtained from the companies audited financial statements, internet surfing, DSE, CMSA, companies achieves and National Board of Accountants and Auditors Library. Literature from both published and unpublished documents were employed in this study. The study findings shows a negative significant relationship exists between cash conversion cycle (CCC) and return on assets and there is also a negative significant relationship between cash conversion cycle (CCC) and return on equity. However, the relationship between current ratio and return on equity is insignificant. The study findings also show that there exist negative relationship between number of day’s accounts receivable, number of day’s inventories, member of days accounts payable, cash conversion cycle and profitability. Based on the study findings the study recommends that listed companies must adopt suitable policy for financing and assets turnover in order to increase in return on assets rates and profitability. The study also recommends that listed Companies must adopt policies and plans to reduce number of day accounts receivable this will improve their operation and increase in shareholder’s wealth.