Scientific literature lacks a comprehensive and extensive overview of business models built upon circular economy principles. Based on this premise, this paper performs a systematic literature review, through which it aims at identifying and then categorizing circular business models processed in the literature to date. Fifteen circular business models are identified and analysed. The results show that circular business models can be associated with different circular strategies, but that some are more studied than others. The research also indicates that each circular business model can be associated with one particular life cycle stage of a product-service, thus making it more suitable for a specific circular strategy.