The purpose of this study is to examine the impact of working capital management on firm performance in the stages of organizational life cycle. The sample of study includes 45 non-financial firms listed on Pakistan Stock Exchange from the period 2006-2015. Independent variables include working capital management which is measured by cash conversion cycle while the return on assets is used to measure the firm performance. The sample firms are divided into four stages of life cycle; initial stage, rapid growth, maturity and revival stage. Panel data regression models havebeen utilized to predict the noteworthy relationship. Thefindings suggest that cash conversion cycle have significant negative association with performance in initial, rapid growth stages andsignificant positive association in maturity and revival phases of life cycle. So, to increase the performance, firm should not have same policy to manage its workingcapital throughout the stages of organizational life cycle.