Large-scale pre-trained language models (PLMs) require significant computational resources to train from scratch on large volumes of data. But in the real world, emerging data from diverse sources may not be initially available for pre-training. Recent studies on lifelong learning have tried to solve this problem by exploring the use of model growth techniques to effectively incorporate new knowledge without the need for complete re-training. However, model growth approaches utilized have issues with growth operators that do not ensure strict function preservation or growth schedules that only include a few growth dimensions, reducing lifelong learning's effect. Furthermore, existing approaches often assume that emerging data has the same distribution as pre-training data, causing catastrophic forgetting of previously acquired knowledge. To address the aforementioned issues, we introduce LOIRE, a framework for lifelong learning that enables PLMs to effectively grow their capacity using incremental data. LOIRE employs growth operators for all feasible dimensions and a growth schedule to generate the optimal expansion sequence in the field of lifelong learning. Specifically, we present a novel plug-in layer growth operator with residual connections that skip the newly added layer during initial training while ensuring function preservation. We additionally propose an iterative distillation strategy for LOIRE that allows an intermediate model in the growth stages to switch between being a student and a teacher, reducing catastrophic forgetting during growth. Experiments show that LOIRE can reduce computational expenses by an average of 29.22\% while retaining equivalent or better downstream performance.