This paper presents a conceptual framework for circular business models (CBMs) based on a literature review. The study identifies and classifies the characteristics of circular business models according to a business model structure. The investigation in eight sub-domains of research on circular business models was used to redefine the components of the business model canvas in the context of the circular economy. Two new components—the take-back system and adoption factors—have been identified, thereby leading to the conceptualization of an extended framework for the circular business model canvas. Additionally, the triple fit challenge has been recognized as an enabler of the transition towards a circular business model. The paper is structured as follows: Section 2 presents the concept of this study and methodological remarks. Section 3 identifies the specificity of circular business models according to the eight sub-domains of research in the area of business models proposed by Pateli and Giaglis. Section 4 classifies the findings of the review according to the business model framework developed by Osterwalder and Pigneur. Thus, the nine building blocks of a business model framework are characterized in the context of the circular economy. This section reveals the need to extend the business model framework to make it more applicable to the circular economy. Section 5 provides a proposition to address this need and presents a conceptualization of an extended framework of business model—the circular business model canvas (CBMC). Section 6 provides suggestions for future research. Section 7 presents the conclusions of the study. The study considers the circular economy as a new contribution to the development of business model theory. Because changing a company's business model into a circular one is challenging, the following research provides a conceptual framework of the circular business model to support practitioners in the transition process from linear business models to more circular ones.This paper presents a conceptual framework for circular business models (CBMs) based on a literature review. The study identifies and classifies the characteristics of circular business models according to a business model structure. The investigation in eight sub-domains of research on circular business models was used to redefine the components of the business model canvas in the context of the circular economy. Two new components—the take-back system and adoption factors—have been identified, thereby leading to the conceptualization of an extended framework for the circular business model canvas. Additionally, the triple fit challenge has been recognized as an enabler of the transition towards a circular business model. The paper is structured as follows: Section 2 presents the concept of this study and methodological remarks. Section 3 identifies the specificity of circular business models according to the eight sub-domains of research in the area of business models proposed by Pateli and Giaglis. Section 4 classifies the findings of the review according to the business model framework developed by Osterwalder and Pigneur. Thus, the nine building blocks of a business model framework are characterized in the context of the circular economy. This section reveals the need to extend the business model framework to make it more applicable to the circular economy. Section 5 provides a proposition to address this need and presents a conceptualization of an extended framework of business model—the circular business model canvas (CBMC). Section 6 provides suggestions for future research. Section 7 presents the conclusions of the study. The study considers the circular economy as a new contribution to the development of business model theory. Because changing a company's business model into a circular one is challenging, the following research provides a conceptual framework of the circular business model to support practitioners in the transition process from linear business models to more circular ones.