CE has become a revolutionary model of the economy that seeks to separate the economic development, resource use, and environmental destruction. Unlike the classical linear model of "take-make-Dispose", CE focuses on absence of waste at design phase, constant utilization of resources and the renewal of natural processes. The review is a synthesis of literature that has been published on the conceptual foundations of CE, strategies of its implementation, its application in each sector, and the policy frameworks. It also determines some of the major challenges and research areas that should be addressed in the future in order to speed up the process of transitioning the world into more sustainable and more CE model. The paper explores concept of CE and how it is applied in industries, supporting technologies and policy tools, the potential opportunities and limitations to its implementation.