Lifelong learning has become a catchword in almost all countries because of its growing influence on education policies in the globalised world. In the Organisation for Economic Cooperation and Development (OECD) and the European Union (EU), the promotion of lifelong learning has been a strategy to speed up economic growth and become competitive. For UNESCO and the World Bank, lifelong learning has been a novel education model to improve educational policies and programmes in developing countries. In the existing body of literature on the topic, various models of lifelong learning are discussed. After reviewing a number of relevant seminal texts by proponents of a variety of schools, this paper argues that the vast number of approaches are actually built on two foundational models, which the author calls the "human capital model" and the "humanistic model". The former aims to increase productive capacity by encouraging competition, privatisation and human capital formation so as to enhance economic growth. The latter aims to strengthen democracy and social welfare by fostering citizenship education, building social capital and expanding capability.