As the demand for precision in the manufacturing industry grows, Digital Twin (DT) technology is gaining attention for its potential to enhance equipment performance and process reliability. However, existing research has primarily focused on specific stages of design or operation, leaving a gap in the literature concerning DT models that can be utilized throughout the entire equipment lifecycle. To address this gap, this study proposes a method for developing a DT that employs a consistent Finite Element (FE) model across all phases of the equipment lifecycle. We utilized actual measurement data to ensure high fidelity in the FE model of previous-generation equipment, which we refer to as the Pre-DT. This Pre-DT was instrumental in improving design during the new equipment development phase. Additionally, the DT model was implemented to predict equipment status in real time using the Reduced-Order Model (ROM) method, functioning as a virtual sensor during operation. This approach was applied to the equipment development process, aligned with the asset lifecycle concept of RAMI 4.0, and was tested on an MLCC cutting equipment to validate its effectiveness.