Advanced smart multilateral wells with extended reservoir contact from a single well location have accelerated sustained oil production and increases hydrocarbon recovery from ultra-high water mobility oil-wet Burgan reservoir in Minagish Field West Kuwait. Further the smart multilateral wells have proven to be a great tool for adequate proactive reservoir management and production management without well interventions. The Burgan reservoir has active aquifer, very high permeability sands associated with active faults and contain highly viscous reservoir fluid with downhole viscosity of more than 40cp, enhance water mobility and resulted in premature water breakthrough with increasing water cut trend within few months of production in existing horizontal wells. This has resulted into non-uniform reservoir depletion, by-passed oil regions and low oil recovery. The smart level-4 multilateral wells were successfully designed and implemented in Burgan reservoir by combining the reliable Level-4 junction along with stacked dual lateral completion having customized viscosity independent Inflow Control Device (ICD), customized two Inflow-Control Valves as well as down hole gauges, wide operating range Electrical Submersible Pump (ESP), suitable wellheads, X-MAS tree and Integrated surface panel for real time data monitoring first time in Kuwait. The improved production performance of smart multilateral wells in Burgan reservoir of Minagish Field, West Kuwait have achieved appropriate production management through flow regulations across laterals and adequate reservoir management with the combination of inflow control device as well as inflow control valves along with downhole pressure temperature gauges. Moreover the smart multilateral wells have enhanced sustained oil production, maximizes hydrocarbon recovery at lowered capital and operational expenditure resulted in improved economic performance of reservoir with significant increase in net present value (NPV). The paper covers the successful implementation of smart multilateral wells and its effectiveness in achieving the life-cycle production management as well as proactive reservoir management supported with actual well performance results. Further the paper details about the economic benefits of smart multilateral wells and its contribution in improving the economic performance of Burgan reservoir of Minagish Field, West Kuwait.