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Conducting large-scale complex modeling and simulation (M&S) projects continues to pose significant challenges for M&S engineers, project managers, and sponsoring organizations. This paper presents a M&S life cycle to alleviate the challenges. The M&S life cycle describes a framework for organization of the processes, work products, quality assurance activities, and project management activities required to develop, use, maintain, and reuse a M&S application from birth to retirement. It provides guidance to a M&S developer (engineer), manager, organization, and community of interest. The M&S life cycle specifies the work products to be created by executing the corresponding processes, together with the integrated verification, validation, and quality assurance activities. The M&S life cycle is critically needed to modularize and structure a M&S application development, and to provide valuable guidance for conducting a M&S project successfully.