Nuclear power plant service life management is the modern technology for providing efficient operation of nuclear power plants at an established safety level irrespective of the initial set service life. Consequently, this technology provides a realistic possibility for nuclear power not only to maintain but also to expand its presence in the electricity production market. Conceptually, service life management is viewed as a process that encompasses the entire life cycle of a nuclear power plant, including three basic stages: “preoperation,” “operation,” and “postoperation.” The technical, economic, and organizational aspects and the basic directions, including continuation and decommissioning, are discussed taking account of the international experience in such practice. The target function for managing the service life, the strategy, and a program for Russian power-generating units are examined.