Currently, a life cycle assessment is mostly used in a static way to assess the environmental impacts of the energy renovation of buildings. However, various aspects of energy renovation vary in time. This paper reports the development of a framework for a dynamic life cycle assessment and its application to assess the energy renovation of buildings. To investigate whether a dynamic approach leads to different decisions than a static approach, several renovation options of a residential house were compared. To identify the main drivers of the impact and to support decision-making for renovation, a shift of the reference study period—as defined in EN 15643-1 and EN 15978—is proposed (from construction to renovation). Interventions related to the energy renovation are modelled as current events, while interventions and processes that happen afterwards are modelled as future events, including dynamic parameters, considering changes in the operational energy use, changes in the energy mix, and future (cleaner) production processes. For a specific case study building, the dynamic approach resulted in a lower environmental impact than the static approach. However, the dynamic approach did not result in other renovation recommendations, except when a dynamic parameter for electricity production was included.