The phenomenon of waste in the construction industry has received considerable attention from the project professionals since the emergence of lean construction. In the research community, however, identifying causes of waste together with waste detection and elimination in the context of construction have been addressed in a limited manner. Moreover, there are very few studies, if any, which have tried to revisit the concept of waste ontologically and to look into the causes of waste through the lens of their relation to other elements in construction projects such as delivery elements and lifecycle phases. Therefore, this study aims to fill this knowledge gap through developing a novel conceptualization of waste and exploring causes of waste in construction projects to reveal their connection to various project attributes. To do so, a systematic literature study was conducted through which relevant studies were located and analysed to achieve the purposes of this study. The findings propose a novel conceptualization of waste and value based on their overlooked components. Moreover, the results present a model which reveals the connection between the identified causes of waste and project attributes (life cycle phases, relevant party, project delivery element, and waste categories in general). The obtained results can be insightful for project practitioners and the research community to reach in-depth understanding of the waste concept.