Public awareness and relevant consumer behaviors are crucial in accelerating the transition to a circular economy (CE) model. This paper focused on exploring university activities for changing awareness and behaviors according to the principles of its new circular model to foster sustainable development. In this paper, a comprehensive literature review provides a holistic perspective on university CE-related activities in the implementation of the CE. The review revealed that the construction of a theoretical framework in universities with asset-based development is conducive to promoting the CE model through transformative learning. In light of recent academic insights into CE education, a theoretical framework for CE-related university activities was developed based on attributes of CE-related university assets, such as non-profit status, technology innovation, education, propagation, and efficient use of resources. We also introduce into scientific use the term CE-related university assets and provide a classification of these CE-related assets. The present findings contribute to a deeper understanding of universities’ CE-related resources and assets to improve public awareness and behaviors, as well as to train and inspire the leaders (including engineers, managers, designers, etc.) of tomorrow, required for further implementing the CE model.