Life Cycle Assessment (LCA) is an important tool of Circular Economy (CE), which performs the analysis in a closed loop (“cradle-to-cradle”) of any product, process or technology. LCA assesses the environmental threats (climate change, ozone layer depletion, eutrophication, biodiversity loss, etc.), searches for solutions to minimize environmental burdens and together with CE contributes to reducing greenhouse gas emission, counteracts global climate crisis. The CE is a strategy for creating value for the economy, society and business while minimizing resource use and environmental impacts through reducing, re-using and recycling. In contrast, life cycle assessment is a robust and science-based tool to measure the environmental impacts of products, services and business models. Combining both the robustness of the LCA methodology and the principles of circular economy one will get a holistic approach for innovation. After a presentation of the LCA framework and methods used, 27 examples of case studies of comparative LCA analysis for replacement materials to reduce environmental load and their challenges as assessment methods for CE strategies are presented. It was concluded that there is a need for improvement of existing solutions, developing the intersection between the CE and LCA. Suggestions for developing a sustainable future were also made.