Most of the focus in logistics and supply chain research has been on forward logistics, but the reverse supply chain (RSC) has been studied for more than a decade. Meanwhile, the Circular Economy (CE) has gathered a lot of attention in recent years from management sciences as well as companies offering a practical alternative to the current linear economic model. The purpose of this paper is to analyze the relationship of these two concepts of RSC and CE, especially in terms of value creation. The study also suggests how to develop a sustainable business model by following RSC and CE concepts. The paper indicates future research questions and hypotheses for these topics.