The black soldier fly (Hermetia illucens L.) is native to the Americas and widely distributed worldwide. It has the characteristics of large egg production and fast growth rate. H. illucens larvae can convert waste into their own nutrients efficiently, and the nutritional value in prepupa is high. The body of black soldier fly larvae is rich in protein, fat, and antimicrobial peptides. As a high economical valuable resource insects, H. illucens larvae can enhance physical fitness, improve immunity, and prevent diseases when used as animal feed. This article reviewed the research progress of waste biotransformation, feed protein application, oil resources development, intestinal antimicrobial peptides from H. illucens. In addition, key issues in practical application were also discussed, aiming to provide reference for the efficient utilization of H. illucens.