Reference models are an approach which is commonly applied to support the design of processes and information systems for business applications. They can be seen as a guideline to develop proper product and process structures. A reference model comprises generic components which can be concretised to represent a certain scenario. In the domain of PLM, reference models have not been commonly applied yet. This paper describes in detail the concept of reference models and current approaches of applying them. Further, aspects concerning the application of reference models to Product Lifecycle Management are discussed. As reference models can be identified to be a key enabler for Multi-Life Products, special focus is put on them within this context. Furthermore, the paper delineates a novel approach based on reference models to support the reengineering of product structures and Product Lifecycle Management processes in order to increase the efficiency of product development.