The bioeconomy aims at decreasing reliance on fossil fuels, preventing or reducing climate change, eliminating insecurity, and efficiently using resources; however, fierce controversy exists on conceivable pathways to accomplish these objectives. The transport sector alone, which encompasses all other industrial sectors, has grown with regard to its energy demand by 50% over the past 30 years. The aim of this paper is to promote a dialogue as to whether an economy based on biomass can be more sustainable than today’s existing economies, considering that the economy needs to expand and be boosted, while creating a cascading and recycling system. This semi-systematic review paper discusses four research questions based on findings from the last 20 years: (i) What are the crucial issues in the ongoing debate on the development of a sustainable bioeconomy concept? (ii) Where are the major conflicting points and focuses? (iii) How does the bioeconomy follow current urbanization and land-abandonment trends? (iv) How will the crisis linked to the COVID-19 pandemic change these previous scenarios? As it is not easy to currently predict which pathway will be the most effective, whether it be the one taken as of now or a specific novel pathway, this article recommends following a strategy that is diverse regarding its approaches to shaping the bioeconomy and further funding of renewable energy sources, along with the involvement of urban planning. In addition, conclusions are validated through a questionnaire completed by 51 experts in the field.