Accurate lifetime measurements of excited states of highly charged ions (HCIs) are essential for advancing diagnostics in both laboratory and astrophysical plasmas, especially in the X-ray regime. The Hanle effect, which utilizes external magnetic fields to modify photon scattering patterns, provides a powerful technique for these measurements. Previously, this method has been successfully employed for He-like ions. Here, we present a theoretical study of the prospects of the Hanle effect for lifetime determinations of Li-like ions. Our results highlight the potential for plasma diagnostics and X-ray spectral analysis.