The emergence of digital twins (DTs) represents a recent advancement in technological processes that support the planning, construction, and oversight of constructed assets. A DT is essentially a digital model that facilitates simulations and two-way information exchange with its real-world counterpart (a physical twin), creating opportunities for data-driven decision-making. Despite the promising prospects of DTs, both the technology and the methodologies for developing them, as well as their potential applications, remain not fully understood in both academic and industrial contexts. This research explores the applications of DTs for the management of existing assets within the AEC/FM industry. The study presents the results of a comprehensive literature review that explores existing knowledge in this domain. The findings reveal that procedures for creating DTs are still in their early stages, emphasizing potential applications in asset management throughout their lifespan, facilitating sustainability upgrades, and supporting the maintenance and restoration of heritage assets. The review concludes by providing recommendations for future research in this evolving field.