Circular economy (CE) strategy is crucial in developing towards sustainable growth. It was created to promote resource utilization and the elimination of waste production. This article aimed to study the possibilities of using the CE framework in wastewater bioremediation and energy recovery using hydroponic tanks. The integration of phytoremediation with bioenergy, construction and lifespan of hydroponic tanks in phytoremediation of wastewater, selection of aquatic plants and the expected challenges in the implementation of CE in phytoremediation of wastewater were discussed. The plant-based biomass harvested and the relative growth rate (RGR) of the selected plants from the phytoremediation process was evaluated. The findings obtained indicated that the selected plants tripled in weight after 14 days cultivation period at different retention times. E. crassipes recorded the highest growth with 2.5 ± 0.03 g g−1 d−1, followed by S. molesta with 1.33 ± 0.05 g g−1 d−1 and then P. stratiotes recorded 0.92 ± 0.27 g g−1 d−1 at the end of the cultivation period. Therefore, the selected plants have been identified as having the potential to be used in phytoremediation as well as a source of energy production. The outcome of our review suggested the adoption of a lifecycle assessment as the CE framework for the phytoremediation of wastewater.