Circular bioeconomy is attracting increasing attention from public authorities and private stakeholders as a way to drive sustainable transitions in agri-food waste systems. The study of this concept can be particularly relevant in island contexts, which are highly dependent on external resources due to the importation of goods and services. This article analyzes the transition through a circular bioeconomy within the agri-food waste system in Reunion Island. To this end, we adopt a comprehensive approach integrating the Multi-Level Perspective (MLP) and territorial transformation frameworks. Both stakeholder perceptions of the circular bioeconomy concept and the limitations of its operationalization were analyzed, together with the diversity of circular bioeconomy innovation initiatives that have emerged and the role of public stakeholders in fostering their development. A stakeholder mapping and 44 semi-structured interviews were conducted. Analysis of the ideal dimension revealed that the reference framework surrounding the concept of circular bioeconomy remains ambiguous, particularly its implementation in the territoire. Analysis of the material dimension identified 40 innovation initiatives, grouped in three main categories representing the main pathways of transition: (i) replacing imported materials by local or more renewable alternatives; (ii) increasing the consumption of local food; and (iii) enhancing circularity through the expansion of organic matter recycling. Analysis of the institutional dimension highlighted the role of public action in supporting the emergence of circular bioeconomy innovation initiatives. Finally, certain stakeholders occupy privileged positions in dominant regimes positioning them as key drivers of circular bioeconomy transition on Reunion Island.