Disclosed is a method of facilitating management of parking spaces for vehicles. The method may include transmitting, using the communication device, a plurality of parking status indicators associated with a plurality of parking spaces to a user device associated with a vehicle. Further, the plurality of parking spaces may be associated with a facility. Further, the method may include receiving, using the communication device, a parking reservation request from the user device. Further, the method may include transmitting, using the communication device, a reservation confirmation to the user device. Further, the method may include generating, using a processing device, an updated plurality of parking status indicators based on transmitting the reservation confirmation. Further, the method may include storing, using a storage device, the updated plurality of parking status indicators.