Controlling fashion waste throughout the entire product lifecycle is critical in a circular economy. This study explored the possibility of establishing a public recycling system for fashion waste. Since consumer interests and participation are essential, theoretical research, social-text analysis, and quantitative research were conducted to identify consumers’ perceptions of the public recycling of fashion waste and circular fashion. Data were collected via an online survey among women in their 20–30’s living in Korea, and 304 samples were used for data analysis. The results were as follows. First, consumers’ perceptions of recycling fashion waste were composed of recycling difficulty, the need for public recycling, and the need for EPR. Circular fashion perception comprised favor, environment protection, attractiveness, economics, quality and hygiene risks, and lack of diversity. Second, the reuse-recycle attitude and need for EPR affected the favor of all types of circular fashion products. Third, environmental concerns impacted attractiveness, and the favor significantly affected the purchase intention of all types of circular fashion products. In particular, quality and hygiene risk negatively affected the purchase intention of used-fashion products, while attractiveness positively impacted the purchase intention of upcycled-fashion products. The results implied that discussing the public recycling system of fashion waste and EPR policy is imperative. The results also showed the need to classify different types of circular fashion products, such as used, upcycled, and regenerated fashion items, to examine consumers’ perceptions. In addition, the recycling of the fashion waste scale developed in this study could be used for further research.