The circular economy concept is crucial in moving forward with sustainable development in any country. It has been identified that implementing CE (Circular Economy) in the built environment has various benefits towards the environment, society as well as the economy. Although this approach has various benefits, its implementation in Sri Lanka is still at a premature stage. Green rating systems are used to qualitatively assess the building’s performance regarding sustainability aspects of the built environment. It remains unclear whether green rating systems in Sri Lanka provide an appropriate guide towards implementing the CE concept. Hence, this paper aims to analyse the contribution provided by green ratings in Sri Lanka towards the implementation of CE. Two pilot case studies and semi-structured interviews were carried out among industry experts who have hands-on experience in green rating systems and work experience in green building projects. Findings indicate that Green building projects have implemented various kinds of sustainable features to obtain a rating. Nevertheless, the practice of these features are not adequately reflecting the implementation CE concept due to numerous barriers to implement CE in Sri Lankan context. The study concludes that in Sri Lanka, the green rating system does not adequately contribute towards the implementation of CE.