A decryption key management system includes a memory, a memory controller, a decryption engine, and an on-chip crypto-accelerator. A key blob and an encrypted code are stored in the memory. The memory controller fetches the key blob and stores it in a memory buffer. The decryption engine fetches the key blob and decrypts it using an OTP key to generate a decryption key. The decryption key is used to decrypt the encrypted code and generate a decrypted code.