The bioeconomy presents an opportunity for a transition to a low carbon and circular economy and society, addressing global challenges such as population growth, climate change, biodiversity loss, resource scarcity and food security (Devaney and Henchion, 2018). While various countries and regions have developed national/regional bioeconomy strategies, alternative visions for the bioeconomy exist. These have different aims and objectives, spatial focus, prioritised sources of value creation, and drivers and mediators of innovation (Bugge et al., 2016). However regardless of the vision for the future bioeconomy, research and innovation forms a core element of any resultant strategy. This paper reviews some of the research and innovation (R&I) policy frameworks at European Union (EU) level in relation to the bioeconomy (Devaney and Henchion, 2017). It draws on innovation systems literature (e.g. Coenen et al., 2015) to critically assess the extent to which such policy addresses structural innovation system failures. However in keeping with a view that the development of the bioeconomy involves transformative change and thus demands more from innovation policy than merely correcting structural innovation system failures (Weber and Rohracher, 2012), it also applies a transformational systems analytical framework to EU R&I policy. Results have application for policy makers and other stakeholders in regions/countries seeking to develop a national bioeconomy strategy, and/or to critically reflect on its R&I policy to ensure it supports the achievement of transformative change.