As the number of aged infrastructures increases every year, a systematic and effective asset management strategy is required. One of the most common analysis methods for preparing an asset management strategy is life cycle cost analysis (LCCA). Most LCCA-related studies have focused on traffic and energy; however, few studies have focused on school buildings. Therefore, an approach should be developed to increase the investment efficiency for the performance improvement of school buildings. Planning and securing budgets for the performance improvement of school building is a complex task that involves various factors, such as current conditions, deterioration behavior and maintenance effect. Therefore, this study proposes a system dynamics (SD) model for the performance improvement of school buildings by using the SD method. In this study, an SD model is used to support efficient decision-making through policy effect analysis, from a macro-perspective, for the performance improvement of school buildings.