The paper presents an approach to evaluating a building throughout its whole life cycle in relation to its sustainable development. It describes basic tools and techniques of evaluating and analysing the costs in the whole life cycle of the building, such as Life Cycle Assessment, Life Cycle Management, Life Cycle Cost and Social Life Cycle Assessment. The aim of the paper is to propose a model of cost evaluation throughout the building life cycle. The model is based on the fuzzy sets theory which allows the calculations to include the risks associated with the sustainable development, with the management of the investment and with social costs. Costs incurred in the subsequent phases of the building life cycle are analysed and modelled separately by means of a membership function. However, the effect of the analysis is a global cost evaluation for the whole life cycle of the building.