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The Arctic Council Sustainable Development Working Group (SDWG) recently released a report on the blue bioeconomy in the Arctic. In this paper, we discuss the Norwegian policy to promote the Norwegian blue bioeconomy, analysing the government’s bioeconomy strategy and its strategy for marine residuals. We find that the strategies have several and partly incompatible goals, related to improving the economic, environmental, and social sustainability of the seafood sector. We discuss challenges and (missed) opportunities in the Norwegian government’s strategy for turning the Norwegian economy towards blue growth. Our findings are supported by recent studies that conclude that more efficient and coherent policy actions are needed to ensure the sustainability of the marine bioeconomy.