The linear economic model behind contemporary product lifecycle representations contradicts planetary boundaries and the idea of sustainability. At the same time, Circular Economy (CE) driven models lack consideration of profound technological insights. Based on observations in research and the application of projects of different industries, a quantitative and qualitative literature analysis is applied to identify both strengths and shortcomings of current lifecycle models. These findings are used to create lifecycle model portfolios and to derive a generic Product Lifecycle model (gPLC). The gPLC is validated by three industrial cases based on collaborative research projects. In practice, resource and energy consumption as well as waste production and emissions can be minimized with the help of established methods not only by economists, but also by engineers. Transparency of material and information circularity practically implies the opportunity to implement, for instance, Minimum Viable Products and DevOps approaches. The originality of the gPLC is characterized by three main aspects: first, material and information flows of multi-disciplinary product–service systems are recognized as the foundation for a modern CE; second, a differentiation between product classes and instances is elaborated to stimulate sustainable design of material core products and digital CE business models; and third, the stakeholder perspective is expanded from manufacturer and consumer/user to further perspectives, such as recycler and society.