In general, bioeconomy can be defined as an economy where the basic building blocks for materials, chemicals and energy are derived from renewable biological resources. This paper provides an overview of the bioeconomy in Europe, considering it from a policy framework and concept perspective. Several strategies have been produced in Europe from different perspectives that outline visions, intentions, and recommendations for the transition to a bioeconomy. The analysis shows that a common direction for the bioeconomy, based on research and technological innovation in the various applications of biotechnology, is developing in Europe. Also, the definitions of the bioeconomy are evolving and vary depending on the actor, but display similarities. While there is great optimism about the benefits and opportunities associated with developing an advanced bioeconomy in Europe, significant risks are also expressed. To gain a sustainable and competitive bioeconomy, the present paper wants to reach two major themes: engaging the key stakeholders and general public in an open and informed dialogue as well as a responsibility of government and industry towards innovation that drives collaborative efforts on sustainable development of the bioeconomy.