The purpose of this study was to try to conceptualize the Folksonomy, so called collaborative taggng or bookmarking and suggest its application on the Web information services. This paper explores how folksonomies could be used in web information services to enable end users to manage personal information spaces, get helped existing controlled vocabularies, and create and share their interests in online communities. Traditional classification system and philosophical issues on Folksonomy were reviewed in this paper in the context of internet based information and its services. The benefits and shortcomings of folksonomies are discussed. Some of the customizable features in existing library catalogue systems are reviewed to suggest other applicable features for web information services.