The construction industry is consistently involved with improving the economic, social and environmental parameters of sustainability. This has led the sustainability in construction to shift from an original focus on cleaner and leaner project delivery to a restorative and regenerative approach. Increasing demand for urban regeneration has driven the act of preserving and reusing parts of cities with historical significance for a variety of uses. Thereby, adaptive reuse serves as an attractive and superior alternative for reusing buildings with architectural and historical importance in terms of sustainability and a circular economy. However, many historic buildings are being disused or demolished due to the inability of determining viable new uses for historic buildings. Thus, this study aimed at providing systematic guidance for decision-making on Adaptive Reuse of Historic Buildings (ARHB) in Sri Lanka. A comprehensive literature review was conducted to explore the concept of adaptive reuse, related regulations, drivers and barriers, new uses for historic buildings and factors affecting decision-making on adaptive reuse of buildings. Finally, this paper proposes a conceptual framework to assist decision making on ARHB in Sri Lanka.