Building Information Modeling (BIM) is a smart process that uses 3D models and information management to assist Architecture/ Engineering/Construction and Facility Management (AEC-FM) practitioners in design, construct and operate buildings and infrastructure more efficiently and more economically. BIM integrates new technologies and tools to facilitate the exchange of information between the different stakeholders involved in a project, from the initial conception to the final demolition. However, one of the challenges BIM is facing is how to manage all those information generated throughout the entire lifecycle of any built asset, which can span several decades and involve multiple changes and updates. Unlike the manufacturing industry (such as aeronautics or automobiles), which has established a set of procedures and standards to document and control the product development and delivery across the whole lifecycle, the AEC-FM sector is still in the process of adopting and implementing lifecycle management, assessment concepts and practices. In this paper, we review the literature on how life-cycle approaches can be integrated with BIM enabled projects in the AEC-FM sector. We also discuss some of the benefits that lifecycle approaches can bring along with the digitalization of the sector, in terms of mitigating the environmental impacts and increasing the performance of buildings.