The subject of the paper is the concept of bioeconomy as a new, combined method to perceive the functioning of various sectors of the national economy producing and processing biological resources. Based on discussions in the literature and documents of the European institutions, bioeconomy has been presented as a theoretical concept and its essence and ways of defining the scope and size of bioeconomy, and the opportunities and risks associated with bioeconomy. The directions and areas of action as well as current strategies to support the development of sustainable bioeconomy and its relation to the circular economy model have been shown. Results from analyses show that bioeconomy is a promising concept for the development of agriculture, agribusiness, forestry, and other sectors producing and using bio-based raw materials. For making use of the real opportunities of bioeconomy, it is essential to have national and regional bioeconomy development strategies in place and to develop an efficient design and management system at the level of enterprises, sectors, and regional systems.