The objective of this study is to assess the role that building information modeling can play in cost management functions relating to transportation infrastructure projects. It focuses on the benefits and challenges of using Building Information Modeling as a means of optimizing cost estimation and budget control. A total number of literature contributions were collected from accredited academic databases like Google Scholar, Web of Science, and Scopus within the period inclusive of 2020–2024. The result indicated that BIM significantly enhances the accuracy of cost estimation, while integration with advanced technologies like GIS and AI amplifies the forecasting and budget handling capabilities. BIM lessens the risk and cost overruns by providing a transparent and comprehensive information platform to all stakeholders. The study concludes that while there are several benefits, BIM implementations still face several challenges regarding compatibility and stakeholder acceptance issues. It sets out both practical and theoretical bases on which managers and engineers may inform themselves properly in decisions relating to the adoption of BIM for transportation infrastructure projects. It also identifies areas where additional research should be conducted in order to further develop and refine processes for effective implementation of BIM.