An increase in population and industrialization has also led to a rise in food demand. This includes a surge in meat and seafood consumption to meet the increased protein requirements. Thus, the problem of providing nutritionally adequate feed for these protein sources with their improved quality was identified. Soy feed has been used prominently but results in an increase in deforestation due to large area requirements for cultivation and was found to be nutritionally inadequate. Hermetia illucens, also known as the Black Soldier Fly (BSF), offers a promising alternative by converting wet waste matter into highly nutritious protein-rich feed for various animal industries. Black Soldier Fly farming, a part of green technology, is one of the most widespread forms of insect farming which helps provide useful biological products along with organic waste management. Products derived from BSF larvae encompass biodiesel as a fuel, protein for animal feed, chitin, and chitosan for the cosmetic and healthcare industry, frass - as a biofertilizer, lipids, growth media, and biochar. This paper delves into detailed explanations of various synthesis processes of the products. Thus, the review summarizes the benefits of BSF larvae and their diverse applications.