Cost tracking is a key aspect of project management and financial planning in the construction industry. In the context of a dynamic and competitive construction industry, every project represents a significant financial investment and effective cost tracking is an essential tool for success. Effective cost tracking enables project managers and investors to accurately plan budgets, identify potential cost overruns and take action to mitigate them, optimise resources, increase transparency and improve collaboration and decision-making. Based on the above, the implementation of Life Cycle Costing (LCC) methodology is increasingly coming to the fore. The issue of LCC is a key aspect of modern cost management and sustainable resource management. Against this background, the aim of this study was to review the theoretical foundations, developments and to analyse the different approaches, models and technological innovations used for LCC assessment. The primary sources of information were the multidisciplinary citation and abstract databases Scopus and Web of Science (WoS), which are important tools for the scientific research activities of individual institutions and organisations. The paper concludes by defining the objectives of future research focusing on the possibilities of integrating innovative technologies as primary tools supporting efficient and sustainable management of building life cycle costs.