what will you do??

I agree with Mahesh sir....

The problem that everyone seems to not understand is that bosses often think they know better and they make descisions based on that belief that often are not the best for the company. So the question might be restated as how to get the best for the company, and the answer to that question is not to leave it.
 
I think bosses often become bosses because they don't leave; they might not be the best, but they don't leave and become bosses by seniority. It might require too much time to stay with the company to have the opportunity to do what you can do best for the company, so for yourself, it might be best to leave and find someplace where you will be appreciated. That probably should be a high priority for deciding where to work.
 
In situations where you have better knowledge, experience and expertise, it is critical to be respectful. Attempt to explain your ideas without criticizing the boss. Whenever possible, put your ideas in writing. If you for example have a better methodology for developing software, find articles and other resources on the subject. You might try asking your boss's boss what to do with your ideas, but be sure to be respectful and such. If you can get your boss to arrange a meeting with you and your boss and your boss's boss, then that could work.
 
Some companys allow their employes to form committees to discuss things. If you can form a committee with other programmers and other relevant employees, then management are more likely to read things that committees write.

I agree with Mahesh

"If you are satisfied with your job, why does that matter?"

We Humans, always want more to satisfy our ego.Let go of that ego thing :)

hi

Diya given perfect answer......once in a while you will get your opportunity.....Mind always....

Before time and after time you will never get anything......Time is big not our expertise

Hirendra,
This is a great question and most of us at some go through this at some point. The way I think it, you having more knowledge than your boss means nothing unless you're trying to show off. Your boss has a job to do and you have a job to do. If you are satisfied with your job, why does that matter? Do you think all CEOs running the companies have more knowleges than a programmer? Still a CEO is boss of everybody. You may be a better programmer than your boss but it doesn't matter.
If you're not satisfied with your job, you may look for another job. Absolutely!
Don't let this knowlege thing come between you and your ego. Stil keep learning!
Cheers!