In the past three decades, the concept of sustainable development became the focus of attention in practically all the developed and developing countries. This concept aims at achieving a balance between various economic, ecological, and social aspects, that form the key pillars of sustainability. We aim to summarize and systematize contemporary theoretical and methodological approaches to sustainable development. The methodological base for this study is presented in concepts of “green economy” and circular economy. The methods employed are analysis, synthesis, and classification of various literature sources. The analysis resulted in proof of the significance of the sustainable development goals in the management of general modernization processes in both the society and the economy of the country. The authors analyse the theoretical and practical foundations of the circular economy as a relatively new trend of sustainable development. The results of this study can be used for further research in this field as well as perform as a foundation of achieving sustainable development on different levels of management through circular business models, recycled raw materials market, and management of circular production and consumption.