Wood material plays a pivotal role in the circular bioeconomy by serving as a carbon sink in mitigating climate change, enabling substitution effects, and promoting cascading use to maximize resource efficiency. The ability to measure these impacts across various system boundaries (local, sectoral, regional, national or global) relies fundamentally on understanding the systemic flow of wood material. Material Flow Analysis (MFA) emerges as a critical tool in this context, providing a structured approach to analyze and manage wood resources effectively. This study systematically reviews national wood MFA studies conducted between 2000 and 2023, utilizing the Web of Science database and following the PRISMA framework to evaluate their contribution to the circular bioeconomy and sustainable resource management. National wood MFA studies reveal significant insights across four key themes: the integration of circular economy and bioeconomy strategies (1), the use of monitoring variables like cascading use and substitution effects (2), sectoral analyses spanning timber, energy, and waste management (3), and the incorporation of sustainability tools such as Life Cycle Assessment (LCA), input–output analysis, and scenario modeling (4). These approaches emphasize the role of wood MFA in promoting resource efficiency and supporting sustainable circular bioeconomy transitions. Future research should focus on methodological standardization and expanding circular economy metrics to maximize the potential of wood MFA in addressing cross-sectoral sustainability challenges.