The integration of process safety management (PSM) in the transition towards a circular economy (CE) has received increased attention and consideration across a number of disciplines in the recent industrial revolution 4.0. However, questions have been raised about the conventional PSM systems lacking sustainability consideration. The purpose of this study is to introduce an emerging paradigm of sustainable process safety management (SPSM) for the industrial revolution 4.0 from the CE and sustainability point of view. By assessing the US Occupational Safety and Health Administration (OSHA) 1910 and available global PSM frameworks, this study has identified areas of improvement for corporations and presented an SPSM framework from the social, economic, and environmental perspectives in a CE. The proposed framework makes a contribution that connects the sustainability and CE perspective with the PSM and provides a basis for the future sustainable process safety guidelines for policymakers, practitioners, and industries. Additionally, this study proposed a paradigm umbrella that connects to the PSM by focusing on social, economic, and environmental pillars from sustainability that are relevant and applicable for the industrial revolution 4.0. Furthermore, it engraves a trail of imminent research possibilities in adopting an integrated sustainable PSM framework in a CE.