In this paper, we review the use of virtual and augmented reality technologies for capture and externalization of tacit knowledge from complex activity in knowledge-intensive professions. We focus on technologies for converting experience hidden in activity with the aim to boost industry competitiveness, innovation, and facilitate learning on the job. As such types of knowledge and experience are difficult to capture and represent in traditional media, we explore emerging technology along two lines of investigation. First, we look at applications of virtual reality to then, second, focus on using sensors, augmented reality, and wearable technologies. We discuss existing and future applications of experience capturing with virtual and augmented reality technologies. This review provides a comprehensive overview for those interested in recording virtual, real, and augmented activities, methods for delivering the recorded data, and extracting knowledge.