Dams are probably the most important hydraulic structure that are expected to be operated for the longest life. The major challenge to extend dams’ life is siltation in reservoirs. In order to sustain dam functionality for long-life and solve associate issues as dam safety, flood and sediment management, we must consider the necessity of upgrading and retrofitting of such aging dams. As they have long service life, if we can solve the associated issues of sediment management, extreme flood, monitoring dam structure, operation and gate control system, the dam will extend life with proper management. The main purpose is to explain, how to select appropriate sediment management strategy in each reservoir according to sedimentation conditions within reservoir and in downstream reaches. The other is how we can recovering, increasing, extend reservoir functions. It is possible to increase the reservoir life by implementing proper sediment management method, and they are important in dealing with dams’ life cycle cost. The paper highlight the potential benefits of the asset management and coordinating reservoirs management in the river basin scale. However, still missing are the necessary cost benefits assessment to evaluate the sediment management investments.