The concept of circular economy has been the tool of choice to address global environmental issues in the 21st century. However, concept’s origins can be traced back several decades in the 20th century. Therefore, authors used critical literature review to identify and address concepts that have formed the modern circular economy. Results show that there have been more than 50 concepts and ideas that have shaped the concept of circular economy. The value and usefulness of waste has been emphasized already in 1945 within Economy of Permanence concept. Since then, such concepts as Spaceship Earth Economy, Tragedy of the Commons, Limits to Growth, Ecological Design, Industrial Ecology, Reverse Logistics, Biomimicry, Natural Capitalism, Industrial Symbiosis, Cradle to Cradle, Performance Economy, Degrowth, Blue Economy, Sharing Economy and other have shaped and paved the desired development direction of global society and formed modern circular economy.