The Internet of Things (IoT) paradigm is considerably impacted by security challenges, which has lately demanded substantial consideration. Accordingly, certain reviews and surveys have been presented, focusing on disparate IoT-related domains, including IoT security, intrusion detection systems, and emerging technologies. However, in this article, we solely target IoT security with respect to product lifecycle stages. In that regard, we provide a comprehensive comparison of state-of-the-art surveys in an initial phase which concentrate on distinct parameters required for IoT security. Further, we present prominent solutions for addressing product lifecycle security in IoT. In this context, the contributions of this article are: (a) IoT product lifecycle security, (b) security taxonomy in IoT product lifecycle, (c) security solutions for each lifecycle phase in product lifecycle stages, and (d) open issues in these lifecycle stages that pose new research challenges. Consequently, the advancing research related to IoT security, especially with respect to product lifecycle, is explored through state-of-the-art developments in the domain of product lifecycle security.