In this study, we elaborate on the macro-view of supply chain viability (SCV) and its integration with the regenerative supply chain (RSC) concept. SCV was mostly considered from its narrow view, namely, ensuring survival in the face of persistent disruptions and crises. Less attention was paid to the broader view of SCV. A viable supply chain possesses the requisite variety and feedback mechanisms, enabling it to adapt to multiple future scenarios without knowing them in advance, ensuring performance and purpose persistence in the presence of disruptions. In the broader sense, viability is a convention about nature, society, value-creation ecosystems, and businesses. The essential question, therefore, is: How can we achieve both business ecosystem viability and nature ecosystem regeneration? We address this question by developing a framework that integrates SCV and RSC through a system-cybernetic lens. We theorize the integration of these two streams and propose a novel concept: the Viable–Regenerative Supply Chain (VRSC). We argue that viability and regeneration are mutually reinforcing imperatives rather than sequential or alternative strategies. We define three feedback cycles: morphogenetic, adaptive, and homeostatic feedback used in VRSC. Through a synthesis of the Viable Supply Chain Model and RSC concept, we reconceptualize supply chains as socio-ecological value-creation ecosystems whose purpose extends beyond operational continuity toward ecosystem viability and a transition toward a regenerative economy. The paper develops a conceptual framework and outlines implications for theory, practice, and future research.