Digital twins (DTs) are one of the latest technology trends in all industries. However, DT development in the architecture, engineering, and construction (AEC) industry is still in its infancy. Digital twins have been proposed as tools that can be applied to several challenges in various areas of the built environment. However, their widespread use is hampered due to the slow pace of digitization of the AEC industry, in addition to the absence of a formalized standard for digital twins’ implementation. We began this study by systematically reviewing publications related to DT applications in the AEC industry in four databases, resulting in 229 publications after applying the proposed criteria. The systematic review highlighted the lack of standardization for DTs in the AEC industry. Additionally, this study assessed the current status of DTs and analyzed the evolution of the concept of DTs in the AEC industry. We also proposed a conceptual framework for DT development for construction assets, using the existing BIM information management standards (i.e., ISO 19650) to promote a better interoperable digitalized built environment.