As national governments continue developing bioeconomy strategies, the forest-based sector becomes increasingly important. Romania’s forest sector can be at the heart of a sustainable circular-bioeconomy transition. However, despite recently launching its national forest strategy, the country has yet to produce a comprehensive bioeconomy strategy where the forest sector is properly acknowledged and integrated. Here, we discuss the potential opportunities and challenges for developing a national circular–bioeconomy strategy that builds around the forest-based sector. Methodologically, we build on qualitative insights from two foresight workshops conducted with 16 international experts. Conceptually, we draw on recent forest-based circular-bioeconomy literature, which we synthesize and use to complement the insights provided by workshop participants. Three main key findings emerged from this analysis: (i) Several knowledge gaps related to biomass availability, carbon storage, biodiversity status, ecosystem services, or governance arrangements persist. (ii) A circular forest bioeconomy must focus on regional and rural development, including both traditional wood use, as well as new wood-based products. Finally, (iii) the transition to a forest-based bioeconomy requires substantial investments in areas such as forest infrastructure, education, and labor force. Forward-looking policies can address these challenges by fostering new ways of thinking, collaborating and researching the bioeconomy. We anticipate our article to be a starting point for more informed discussions around the role of forests and the forest-based sector in Romania’s future bioeconomy strategy. Furthermore, as work around the implementation of the national forest strategy has recently commenced, the ideas discussed here could help decision-makers better integrate and coordinate national and European forest policies with bioeconomy ambitions.