This chapter aims to address life cycle management and the levelized cost of energy (LCOE) of floating offshore wind farms from a probabilistic point of view. Understanding and addressing the uncertainty associated with the main parameters that influence the generated energy is essential for studying the life cycle and economic evaluation of offshore wind farms. The estimated global warming potential (GWP) of the wind farm under consideration is 36.5 kg CO2/MWh, which is found to be reasonably competitive compared to other sources of energy. The probabilistic analysis conducted showed that the distribution of LCOE is more influenced by operational expenditure (OPEX) values than by capital expenditure (CAPEX) and decommissioning expenditure (DECEX). This chapter provides general guidance on conducting early-stage probabilistic life cycle economic analysis of floating offshore wind farms.