Failures of traffic signals can lead to crashes and loss of productivity. As the road network gets more congested, the sustained operation of traffic signals becomes even more critical. The effective management of traffic signal assets therefore plays a vital role. This study developed guidance in the management of traffic signal assets to maximise level of service at a minimum life-cycle cost; mitigate risks to road users; and continually improve planning, maintenance and operations. To provide guidance, a template for an asset management strategy for traffic signals was developed which focusses on achieving a well-defined and broadly accepted level of service, recognises and manages risks to road users and assets, and uses whole-of-life costs as its criterion. Performance monitoring, review and feedback processes are also suggested to identify improvements in the planning process.