Open source software plays a vital role in modern software development due to its cost benefits, flexibility, and collaborative potential, yet it presents unique security challenges that require a comprehensive vulnerability management strategy. This strategy involves identifying, assessing, and mitigating security risks associated with open source components, aiming to minimize the potential attack surface and protect organizations from breaches. Effective management includes maintaining an accurate inventory of open source components, continuously monitoring for vulnerabilities, assessing risks, and implementing timely remediation measures. Collaboration among development, security, and operations teams is essential, along with embedding security considerations into every phase of the software development lifecycle. Automated tools and continuous integration within development workflows enhance vulnerability detection and resolution, while fostering a security-conscious culture through education and training strengthens organizational defenses. Establishing robust patching processes, integrating security audits, and maintaining compliance with industry standards are crucial for a resilient security framework. Collaboration with the open source community and fostering a DevSecOps culture further embed security into organizational practices, ensuring that security is a fundamental component of the development process.