The paper presents the concept of bio-economy formulated in the EU documents published since the beginning of 2012. It discusses the reasons and factors for its development, and different ways of perceiving it from both the theoretical and practical point of view. Contemporary internal, European and global challenges of bio-economy development were shown as well as the strategy and the action plan of its implementation in the EU. The attention is drawn to the not yet formed in full definition of the bio-economy, trends in its understanding and a broad cross-disciplinary and cross-sectorial linkages.