Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Thanks for reaching out. Since you bought Office Home & Student 2021 separately from the MacBook, it's almost certainly a Retail license. OEM Office is the kind that comes preinstalled on a new Windows PC and stays tied to that machine. Microsoft doesn't preinstall Office on Macs, so a key card or box bought at a retailer counts as a Retail purchase.
To double check, go to https://account.microsoft.com, sign in with the account you used to activate Office, and open Services & subscriptions. If "Office Home & Student 2021" shows up there as a one-time purchase, the license belongs to your account, not your MacBook.
For the transfer question, the answer is yes. Office 2021 can be moved to another computer you own, but only once every 90 days (unless the old one has a hardware failure), and you have to remove it from the old Mac. When you get the new MacBook, it's recommended that you install Office from your Microsoft account page instead of the Mac App Store. The App Store version doesn't work with one-time licenses. Then sign in with the same account to activate it, and uninstall Office from the old Mac.
One more thing: support for Office 2021 ended on October 13, 2026. Your apps will keep working, but they won't get any more security updates.
Hope this helps!