The method of analyzing environmental impacts and resource use from a lifecycle perspective is growing in popularity as a method giving the opportunity to lessen negative impact on the environment and depletion of natural resources through comparative analysis. The report focuses on comparing tools available for lifecycle analysis of buildings and building materials as well as the method of LCA in general. A field study is made through analyzing a building with the aid of LCA and according to ISO 14040, and this brings further clarity as to how the method is used. The results show advantages and disadvantages of current LCA tools for buildings as well as pros and cons of the method of LCA itself. The results of the field study indicate the risk that LCA can be used and interpreted subjectively as well as the risk of setting too low data quality. Results also highlight the absence of some important features linked to environmental concern and sustainable resource management. However, if LCA is used in an objective and scientific manner it might be a key to using proper resource management in terms of lessening negative impacts on the environment and depletion of natural resources and some suggstions are made as to how to change the standards of the method.