In today's market, there is a growing appetite for personalized services and premium quality. This evolving landscape has driven manufacturers to prioritize the capabilities of their manufacturing systems, such as flexibility, reconfigurability, resilience, and reliability. This paper introduces a manufacturing system paradigm named High-Performance Manufacturing System (HPMS), which serves as a guide for the design, manufacturing, configuration, and operation to satisfy the demand for system performance. Drawing on this paradigm, the paper conducts an exhaustive examination of the performance metrics together with their interrelations. The paper's contributions are threefold. Firstly, it provides an in-depth review of the definitions and assessment methods for manufacturing system performance metrics from a holistic perspective. Secondly, it analyzes the intricate relationships among multiple performance metrics. Lastly, the paper explores potential key enablers, challenges, and research directions in the lifecycle management of HPMSs. It is anticipated to help practitioners be clearer in balancing their goals in the lifecycle management of their manufacturing systems, evolving into a value-oriented paradigm towards Industry 5.0.