This feature is available in Catalyst, Enterprise, and Ultimate editions.
Lifecycle notifications are subscription based. This allows you to control the types of notifications you receive based on the event types you subscribe to. For example, if you want to know when a work item is assigned to you, you can set up a subscription to notify you. You could also set up one to let you known when a backlog item is closed, or even when the status of a defect changes. This way, you can keep track of the things interest you the most.
You will not receive notifications for changes you make, only for changes made by others.