A transition for a green economy has encouraged companies to use new tools which promote internal corporate entrepreneurship, increase the competitiveness and achieve sustainable results. This article presented a theoretical discussion of how the Life Cycle Assessment (LCA) can presents as an entrepreneurial tool for modern business management and green innovation. Studies of LCA were analyzed showing benefits and applications in the areas of strategic planning, production, process of development of products, search and development, social and environmental responsibility, and marketing. As for green innovations, there were analyzed studies of innovations in products, processes and services. The tool assists in making sustainable decisions, fortifies the management of the business processes, the management of operations and the promotion of greener innovations.