This paper aims to form a concept of infrastructure management based on a multicriteria approach to determining management priorities. As the complexity of infrastructure construction and maintenance management requires looking at this problem from different aspects, the proposed multicriteria approach in this paper is based on the application of a two-phase analytical hierarchy process (AHP) method and technique for order of preference by similarity to ideal solution (TOPSIS) method. Using the two-phase AHP method, the process of determining the relative weights of the criteria is improved with the aim of providing better management of stakeholders as one of the essential preconditions for the success of the entire management process. In this way, it is desired to simulate the decision-making process as realistically as possible, in which the opinions and interests of all stakeholders are respected, but the key decision-maker is responsible for the final decision. Furthermore, with the help of the TOPSIS method, a ranking list of maintenance management priorities is formed, based on which it is possible to distribute limited financial resources intended for annual maintenance more rationally. The stability of the TOPSIS results was confirmed by a sensitivity analysis when changing the relative weights of the criteria. The proposed allocation of financial resources represents the basis for a better design of the maintenance management plan of the analyzed infrastructure elements, thus completing the observed gap in the existing literature. The aim of the above is to improve the planning function and at the same time to improve the implementation, monitoring, and control management functions, which creates a more efficient management system that can preserve the value of the analyzed infrastructure elements and extend their lifetime.