The objective of this article is to contribute to creating a better understanding of the Last Planner System (LPS) – which is associated with Lean Construction – in the light of the learning processes at the basis of knowledge development, and of change and innovation. Founded on a theoretical discussion, three research questions are asked, namely: In what ways can the LPS be expected to alter the learning arenas compared to conventional project management in construction; according to learning theory, what are the main challenges associated with implementing the LPS; and, finally, what kind of learning can be linked to an implemented LPS that functions as intended? The implementation of the LPS is shown to require substantial changes to the technical-organisational learning arena. In order for the implementation to be successful, the work identity has to alter on the individual level so that an overlap occurs with the new work practices prescribed by the LPS. The LPS has an inbuilt experiential learning cycle, and provides a good starting point for single-loop learning, as well as for simple forms of double-loop learning (“routinized learning capability”). However, it is argued that the LPS understood as experiential learning has clear limitations with regard to “evolutionary learning capability”. This is amplified by the context project organisation provides. In terms of theoretical implications, this article promotes an understanding of the planning process informed by the theory describing it as an experiential learning cycle. The conceptualisation which separates the LPS from conventional production control theory is critiqued. Finally, it is argued that an understanding of the LPS grounded in learning theory will improve the possibilities for successful implementation and maximise the learning effects.