The bioeconomy, which encompasses the production, conversion and use of renewable biological resources, offers a pathway for the transformation of our society by promoting sustainable, knowledge-based innovation. The ultimate goal of the bioeconomy is to ensure the wellbeing of present and future generations within planetary boundaries, while also ensuring the continuous regeneration of ecological functions and ecosystem services. In this chapter, we propose principles that place the bioeconomy concept in a broader context. Key principles guiding the bioeconomy transformation include: These principles act as ‘universal’ basic truths, general conditions or descriptive elements to achieve a bioeconomy and form a ‘guard rail’ for the transformation.