Traditional recycling or downcycling processes, which continually diminish the inherent value of materials, are inadequate to meet the urgent demands of sustainable waste management and resource conservation. Upcycling, transforming end-of-life (EoL) materials into higher value forms, has been gaining traction as a promising alternative. Despite its rising prominence, the varied interpretations across industries and academic studies reveal a lack of consensus on upcycling and a limited understanding of its requirements. This study provides a clear definition of upcycling established through a focused literature review, addressing the current ambiguities associated with the term. In addition, a quantitative criterion, the Sustainability Benefit Factor (SBF), is developed to differentiate upcycling from recycling by evaluating value enhancement across the Triple Bottom Line: economic, environmental, and social. To further clarify upcycling from other EoL management strategies such as reuse, remanufacture, and recycling, the integration of upcycling into the 6R framework is performed based on the established definition and SBF. The findings in this paper contribute to enhancing upcycling practices and facilitating its broader adoption for sustainable waste management.