Lifelong learning is currently one of the mostly used concepts in European Union’s attempt to achieve the objective to become the most competitive and dynamic knowledge-based economy in the world. Since learning is embedded in human nature, various forms of the concept emerged simultaneously in different countries where they developed individually, thus creating a multi-faceted concept that was recently brought in the spotlight of the scientific arena. The purpose of this paper is to bring to the attention the ‘facets’ of the lifelong learning concept,its evolution over the years and the ways it is recognized to help the achievement of the knowledge economy. The exploration of the features of the knowledge economy with far-ranging implications for education and training, the challenges raised by the knowledge economy for education and training systems, and the emergence of the lifelong learning concept aiming to equip learners with the skills and competencies they need to succeed in a knowledge economy is done thorough a theoretical research based on an extensive literature review to allow for a clear understanding of the concepts of knowledge economy and lifelong learning, and of their interlinks. In Romania, the concept of lifelong learning as such is quite new. Some aspects, like adult continuous education and professional training as well as the apprenticeship at workplace were offered extensive attention, but an integrative vision on lifelong learning was not transposed into legislation and practice, until recently. The paper offers a review of the measures taken for the development of the lifelong learning system in Romania. The most recent, the Law of Education 1/2011 set the premises for the desired lifelong learning system and aligned the Romanian educational system with the European vision on lifelong learning to facilitate the emergence of the knowledge economy.