Transportation infrastructure is central to economic development and the daily lives of citizens. However, rapid urbanization, increasing vehicle ownership, and growing concerns about sustainable development have significantly heightened the complexity of managing these systems. Although digital twin (DT) technology holds great promise, most current research focuses on specific areas, lacking a comprehensive framework that spans the entire lifecycle of transportation infrastructure, from planning and construction to operation and maintenance. The technical challenges of integrating different DT systems remain unclear, which to some extent limits the potential of DT technology in the management of transportation infrastructure. To address this gap, this review first summarizes the fundamental concepts and architectures involved in DT systems for transportation infrastructure, such as roads, bridges, tunnels, and hubs. From a lifecycle perspective, DT systems for transportation infrastructure are categorized based on functional scope, data integration methods, and application stages, and their key technologies and basic frameworks are outlined. Subsequently, the potential applications of DT in various lifecycle stages of transportation infrastructure—planning and construction, operation and maintenance, and decommissioning and renewal—are analyzed, and current research progress is reviewed and discussed. Finally, the challenges and future directions for achieving a full lifecycle DT system for transportation infrastructure, encompassing technical, operational, and ethical aspects, are discussed and summarized. The insights gained herein will be valuable for researchers, urban planners, engineers, and policymakers.