It will be a new approach that BIM’s capital project lifecycle management (CPLM) applied to the yacht industry. This paper explored the feasibility of applying the principles and rationales of BIM for capital project lifecycle management in luxury yacht design, engineering, fabrication, construction and operation. The paper examined the premises and backbone technology of BIM. It then evaluated leading naval engineering and shipbuilding software applications and their development trends from the functional lens of BIM. To systematically investigate a BIM-based approach for capital project lifecycle management (CPLM) in the luxury yacht industry, the paper proposed and outlined an implementation framework. A case study and a student competition use case were discussed to delineate the core constituents and processes of the proposed framework. The case of BIM was reviewed. Through the domestic custom luxury yacht design and prototyping student competition, the application of this framework in educational research is demonstrated and the initial quantitative assessment of the framework is carried out. Conclusions: a BIM-based CPLM implementation framework can help the luxury yacht industry capitalize on the global transformation to an information-centric and data-driven new business paradigm in shipbuilding with integrated design, manufacturing and production.