Fusarium equiseti (JMF-01), as an entomopathogenic fungus, can effectively control agricultural pests and has the potential to be a biocontrol agent. To promote mycelial growth and sporulation, we investigated the optimal submerged culture conditions for F. equiseti. In this study, we used the single-factor method and Box–Behnken design and determined the virulence of the submerged culture against Myzus persicae after optimization. As a result, the highly significant factors affecting the spore concentration of strain JMF-01 were the primary inoculum density and the initial pH, and the highly significant factor affecting the mycelial biomass was the medium-to-flask ratio. The highest mycelial biomass value was 0.35 g when the incubation time was 5.68 days, the initial pH was 5.11, the medium-to-flask ratio was 0.43, and 1 mL of the primary inoculum with spore density of 0.97 × 107 conidia/mL was added. When the incubation time was 6.32 days, the initial pH was 4.46, the medium-to-flask ratio was 0.35, the primary inoculum density was 1.32 × 107 conidia/mL of 1 mL, and the highest spore concentration of 6.49 × 108 blastospores/mL was obtained. Compared with the unoptimized medium conditions, the optimized submerged culture had the highest mycelial biomass and spore concentration, which were 3.46 and 2.06 times higher, respectively. The optimized submerged culture was highly pathogenic toward M. persicae, reaching a 95% mortality rate. Our results provide optimal submerged culture conditions for F. equiseti and lay the basis for later research to expand production for pest control.