Innovations in product development and process technologies represent a promising strategy to face the increasing competitiveness of modern markets in the global economy. Also, customer requirements become more and more specific and the complexity of products is still increasing. Industries need to adopt effective solutions during the product development process and to support, for sustainable purposes, all the phases of the product lifecycle. Advanced model-based solutions emerge for digitally supporting these industrial needs. In this context, a Model-Based Enterprise (MBE) represents an organization that adopts modeling technologies, such as Model-Based Definition (MBD) solutions, to integrate and manage both technical and business processes related to product design, production, support, and retirement. Past research discusses the model-based approaches focusing on technical product development, mainly referring to the design and the manufacturing phases. A wide perspective from the other phases of lifecycle seems to lack in the literature. By carrying out a systematic literature review, this research aims to investigate the relationships between the MBE approaches and the product lifecycle phases and to identify potential benefits and challenges. It enhances the academic knowledge domain by also shedding light on potential future research directions.