In recent years, an investment bottleneck for public infrastructure has accumulated in many industrial countries. Life cycle costing (LCC) is an appropriate management instrument for long-term and sustainable investment. This article addresses the evaluation of high-performance materials (HPM) using LCC to reduce that investment bottleneck. Our research questions are, first, whether and how LCC can be applied to HPM, second, which drivers are primarily influencing the results of a LCC analysis for HPM, and finally, whether HPM are suitable for infrastructure investments, according to economic, social and environmental criteria. We use a comprehensive literature review to analyze existing case studies that apply LCC to HPM. Our review shows that LCC is applied to HPM for structural applications with different levels of detail and quality. The initial results indicate that total life cycle costs for HPM are on average 10% higher. We urge the optimization of the cost structure of HPM to achieve the same level of life cycle costs as conventional construction materials. Moreover, we argue for a more holistic approach that does not ignore sustainability criteria throughout the life cycle of HPM based on the identified drivers of life cycle costs: external costs, an extended life cycle, the discount rate and the expected service life. Indeed, a screened subsample of eight cases is very competitive, with average total life cycle costs for HPM that are 8.4% lower. We share the belief in a more eco-centric approach and, therefore, demand further research into a societal type of LCC that improves the mechanical properties while not ignoring sustainability criteria for new product systems such as HPM.