Is there a method to tell the life of a tire? How can you tell if a tire is going to wear down faster than another tire? I assume puncture resistant tires wear out slowly, but I'm really curious whether I put high PSI in my tire there will be significant difference. Will high PSI raise/lower the lifespan of my tire ceteris paribus (terrain, material being the same)?
Your best bet is to operate the tire in the pressure range on the tires. Check the air pressure regularly.
Nominally if you are 180 lb or more then high number. And 140 lb or less the low number. In between then in between.
Higher pressure maybe a longer life but still stay in the range. If you weigh 140 lb then not worth a higher pressure for a harsher ride to maybe get a few more miles.
Race tires naturally have the shortest life.
A soft rubber tire will wear faster but have better traction.
A hard rubber tire will last longer but also poor traction and a harsh ride.
And consider $ / mile. You can buy a $50 tire that is probably not going to last twice as long as a $25 tire.
The PSI in a tyre definitely affects the lifetime of the tyre. You have to check you tyre pressure regularly and make sure that you keep it pumped at the correct level. It is recommended that you pump up your tyres every 2 weeks to keep them in tip-top condition.
You'll definitely have to look at what pressures you can use as Road tyres can withstand 125 or even 145 psi on tyres with inner tubes while tubular can go up to and over 300 psi. On the other hand mountain bikes may only withstand up to 65 psi or even lees. So make sure that you check your limits and on road bike, try not to go below 100 psi as that's the minimum pressure that the beads need to hold on to the rim of the wheel.
It's a good idea to use an online calculator to check what pressure you should use with your wheels and your weight as well as the terrain that you ride, you can also get Apps for that like the Vittoria Tyre Pressure Calculator for Android.
Hope this helps.