In the last decade, the concept of a Blue Economy has ignited a deep theoretical debate. Ranging from the integration of the triple bottom line of sustainability to the optimization of profit from ocean exploitation, the meaning of the term blue economy differs considerably between epistemic communities and even more so among national and regional policies. There is a general sense of the opportunity to realise enhanced social and economic benefits from the sustainable utilisation of their ocean and coastal resources under the umbrella framework of blue economy. Blue economy is gaining traction already as a significant component of national policies, even in spite of a clear conceptualization of the term. Many countries are now preparing national policies towards realising their blue economy ambitions, utilizing the concept as they see fit. Likewise, multilateral and regional organisations are developing guidelines, and providing investment in new research, technologies, and financing tools that promote blue economy. Critical challenges abound, in particular in less privileged countries. These include the gap in research capabilities, governments prioritizing social wellbeing and economic profit in contrast to environmental protection, the identification of new and emerging areas of ocean economic activity that are both socially and ecologically sustainable and holds viable business models that can attract private investment.