The widespread adoption of Building Information Modeling (BIM) and the recent emergence of Internet of Things (IoT) applications offer several new insights and decision-making capabilities throughout the life cycle of the built environment. In recent years, the ability of real-time connectivity to online sensors deployed in an environment has led to the emergence of the concept of the Digital Twin of the built environment. Digital Twins aim to achieve synchronization of the real world with a virtual platform for seamless management and control of the construction process, facility management, environment monitoring, and other life cycle processes in the built environment. However, research in Digital Twins for the built environment is still in its nascent stages and there is a need to understand the advances in the underlying enabling technologies and establish a convergent context for ongoing and future research. This paper conducted a systematic review to identify the development of the emerging technologies facilitating the evolution of BIM to Digital Twins in built environment applications. A total of 100 related papers including 23 review papers were selected and reviewed. In order to systematically classify the reviewed studies, the authors developed a five-level ladder categorization system based on the building life cycle to reflect the current state-of-the-art in Digital Twin applications. In each level of this taxonomy, applications were further categorized based on their research domains (e.g., construction process, building energy performance, indoor environment monitoring). In addition, the current state-of-art in technologies enabling Digital Twins was also summarized from the reviewed literature. It was found that most of the prior studies conducted thus far have not fully exploited or realized the envisioned concept of the Digital Twin, and thus classify under the earlier ladder categories. Based on the analysis of the reviewed work and the trends in ongoing research, the authors propose a concept of an advanced Digital Twin for building management as a baseline for further studies.