In the Fourth Industrial Revolution era, the information exchange and integration of the smart factory are highlighted. The facility, including production equipment in smart manufacturing, serves as the fundamental component enabling automated and optimized manufacturing operation and production. Nevertheless, there has yet to be a legitimate definition of facility asset management (FAM) functions which are the firm basis for identifying further information and properties. In order to address this issue, this paper defines three-level hierarchical functions of facility asset management (FAM) by integrating four areas of construction management (CM), asset management (AM), facility management (FM), and operation management (OM). An extensive literature was conducted first to incorporate all relevant concepts and definitions of new trends in facility asset management. A structured FAM definition was then formulated using the classes and properties. Finally, the suggestions for applying the proposed FAM functions are illustrated. Practical implications and lessons learned are briefly introduced as well.