<p>In recent years, the importance of supply chain management (SCM) has been drastically highlighted. In this research area, one of the most significant fields is to evaluate the performance of the raw material providers (RMPs). An appropriate RMP selection can dramatically help companies to improve their efficiency and effectiveness. Despite the importance of the mentioned problem, literature shows that the simultaneous consideration of the circular economy (CE) and Industry 5.0 (I5.0) dimensions in the RMP selection problem under the stochastic environment has been ignored by previous works. Hence, to bridge the mentioned gap, this study proposes a new stochastic approach to assess the performance of the RMPs according to the CE and I5.0 aspects. To this end, first of all, the main aspects and criteria are determined according to the experts and literature. Then, the indicators’ weights are computed by the stochastic best–worst method (BWM). In the next step, to evaluate the RMPs’ performance, a novel approach named the stochastic complex proportional assessment (COPRAS) is developed. Also, to show the application of the proposed approach, a real-world case study in the home appliances industry is investigated. The achieved results show that Robustness”, “Price”, “Quality”, “Information sharing systems”, “Restorative Capacity”, “Waste management”, “GHG emissions”, “Extra Inventory”, and “Job safety” are determined as the most significant indicators. Moreover, a comparison between the developed approaches and the traditional methods are made and the achieved results confirm the validity and effectiveness of the developed method. The results of this study can help researchers and managers to become familiar with the concept and application of the CE and I5.0 in the SCM problem, especially in evaluating the RMPs.</p>