Power cables are integral to modern urban power transmission and distribution systems. For power cable asset managers worldwide, a major challenge is how to manage effectively the expensive and vast network of cables, many of which are approaching, or have past, their design life. This study provides an in-depth review of recent research and development in cable failure analysis, condition monitoring and diagnosis, life assessment methods, fault location, and optimisation of maintenance and replacement strategies. These topics are essential to cable life cycle management (LCM), which aims to maximise the operational value of cable assets and is now being implemented in many power utility companies. The review expands on material presented at the 2015 JiCable conference and incorporates other recent publications. The review concludes that the full potential of cable condition monitoring, condition and life assessment has not fully realised. It is proposed that a combination of physics-based life modelling and statistical approaches, giving consideration to practical condition monitoring results and insulation response to in-service stress factors and short term stresses, such as water ingress, mechanical damage and imperfections left from manufacturing and installation processes, will be key to success in improved LCM of the vast amount of cable assets around the world.