Techniques are described for enabling a software modernization assessment service of a cloud provider network to maintain a modernization knowledge base and to use the knowledge base to generate modernization recommendations for users' software applications. A modernization knowledge base comprises one or more modernization ontologies, where a modernization ontology defines concepts and relationships used to describe modernization tool capabilities and limitations, modernization strategies, etc. The modernization assessment service uses the modernization knowledge base to automate various software modernization processes including, for example, providing modernization recommendations for software applications (e.g., applications identified by users as candidates for modernization) and generating modernization assessment reports. A modernization knowledge base, including an ontology understood by a modernization assessment engine, can be readily updated to account for new modernization strategy information, modernization tool information, and modernization process and tool constraints, without necessitating changes to static definitions of such information defined by a modernization assessment service.