Based on a critical consideration of mainstream theories and an alternative (Marxist) approach, this article explores some of the material, social and theoretical aspects of sustainable development. Starting from a critical scrutiny of some methodological and conceptual weaknesses or flaws of mainstream approaches, it proceeds with a brief discussion of the issues regarding externalities, the limits of growth, and the limitations of ecological reforms and efforts to create sustainability conditions under capitalism. Following a Marxist perspective, it proceeds to identify and briefly analyse some crucial aspects or preconditions for a truly sustainable development. A critical treatment of the conception concerning a growing ecological rift leads us to stress the significance of the organisational characteristics of capitalism and their implications for the nature-society dialectical metabolism. Particular emphasis is placed on the creation, within a historical perspective extending beyond capitalism, of the material and social preconditions of sustainable development.