The transition from linear to circular economy requires the development of frameworks supporting the implementation of circular economy principles. This study's aim is to propose an approach to incorporate circular economy into the process of project environmental impact assessment through the inclusion of a life cycle thinking perspective. At the operational level, these objectives concern the implementation of life cycle thinking principles in waste and resources reuse evaluation, by adapting the steps already comprehended in the Environmental Impact Assessment procedure. A practical example shows the application of the proposed approach to a qualitative case study, specialized in the used natural cork stopper industry. This sector has an ambitious environmental sustainability objective: the preventive management of cork stopper waste is intended to create a virtuous context of increased cork stopper recycling, so as to avoid the disposal of this product in obsolete landfills. The identified criticalities show that life cycle thinking is a valuable paradigm to guide evaluation activities on waste management systems, in order to facilitate the movement of the analyzed waste up the waste hierarchy.