Advancing societal’s progress to achieve circularity is imperative as our linear (take, make, waste) economic model is highly unsustainable. It depletes our natural resources and substantially contributes to pollution and global greenhouse gas emissions. Our continued participation in the linear economy will also expose businesses to volatile resource prices and supply disruptions resulting from the scarcity of critical materials and geopolitical factors. Hence, there are compelling reasons for businesses to transit and participate in the circular economy. However, anecdotal evidence suggests limited practical implementations. Therefore, this systematic review aims to determine the most significant drivers and barriers that influence business leaders to transform their businesses for participation in the circular economy. By clarifying the most influential factors and their characteristics, we can introduce effective measures to encourage or mitigate them. This review takes a transdisciplinary approach to discuss salient and consequential ideas with depth and completeness. Its associated practical and managerial implications are also thoroughly discussed.