A firmware management method and system provides close control over a firmware development process via a firmware management tool and an archive. The archive can be used to store firmware files containing firmware source code in progress as well as finished source code along with its associated object code. The management tool includes an auditing function and a workflow management function so that the status of each firmware file and the work history of that file can be monitored and stored. By providing a centralized location for firmware source and object code, the tool makes it easier to track and modify firmware code at any stage as well as ensures that the code ultimately sent to a chip manufacturer is the final version of the code.