Introduction: A circular economy, which is based on sharing, leasing, reuse, repair, refurbishing, and recycling in an almost full loop, emphasises on products and the resources they incorporate as opposed to the traditional linear economic model, which follows the ‘take-make-consume’throw away pattern. It refers to minimising waste to the bare least. A more circular economy may have advantages for the environment, including reduced environmental stress, enhanced raw material supply security, increased competitiveness, innovation, growth, and it leads to sustainability. Objective: This paper provides a thorough review of the literature to better understand the development of material circularity concepts and strategies, as well as their potential to increase material efficiency and decrease environmental impacts, to meet our societies’ material needs in a sustainable manner. Methodology/approach: The paper investigates the closed loop concept with reference to circular economy and how it leads to sustainability. We offer the case study analysis to illustrate the innovative approach to sustainable value creation and formulate implications for further practice of circular economy. Findings: The finding of this paper reveals the extensive review of the concept. It highlights various companies which carries out the concept of closing the loop. This paper also highlights the importance, challenges, and future course of direction. Originality/Relevance: This paper is an original attempt to define the concept. Insights and findings from this paper could be useful for initiating further research and discussions.