Value creation is a significant part of the sustainable building process. To understand the process of value creation, this paper identifies a number of important issues. First, the paper addresses the existence of and identifies reasons for complexity in the process of value creation over a whole lifecycle (WLC). Then, a conceptual framework model is developed and adapted to the WLC in order to monitor building process stages and intervals. Next, the concepts and strategies leading to WLC value maximization are addressed. Finally, a conceptual WLC value creation model is proposed that is based on sustainable building process stages and building asset stakeholders’ benefits. The paper indicates how value created is an accumulation of values acquired through various operations over the building WLC.