Timeliness, budget consciousness, and quality are critical to the success of a project, and become increasingly challenging with increased project complexity. Five-dimensional building information modeling (BIM) integrates cost and schedule data with a 3D model, and enhances project management by addressing budgeting, timelines, and visualization simultaneously. However, a comprehensive assessment of 5D BIM’s impact on key performance indicators is currently lacking. This research aims to identify the critical factors influencing the adoption of 5D BIM and its impact on key project performance indicators. A thorough systematic literature review and qualitative analysis were conducted to achieve this goal. Relevant articles from the past decade (2014–2023) were examined from the Scopus and Web of Science databases, of which 222 were selected and screened using PRISMA procedures. This research found consistent and rapid updating of keywords, highlighting the dynamic evolution of 5D BIM and its expanding applications in the construction industry. Thirty critical factors affecting the adoption of 5D BIM were identified and categorized into the following six groups based on the technology–organization–environment (TOE) framework: technology, organization, environment, operator, project, and government policy. The 15 factors driving construction project performance in integrated 5D BIM were divided into cost, time, and quality performance based on key performance indicators. This review offers innovative insights into 5D BIM adoption, and can aid stakeholders in developing effective 5D BIM implementations.