The product life cycle as a descriptive model of the product determines—among others—the structure and process organization within a company and has therefore a major influence on product development and its data management across a product’s lifespan. In this chapter, the authors review various existing product life cycle models and recount the implications for product development. Traditional models from product development as well as business administration, technology, and circular economy are in focus. The models are contrasted in terms of their relevance and applicability in development processes. For this, aspects such as applicability to different product types or boundary conditions are examined. An outlook on IT implementation in enterprises connects this to practical applications.