Black soldier fly (BSF) (Hermetia illucens) larvae are currently being developed as bioconversion agents for organic waste treatment. The resulting larvae or prepupae have a high protein and lipid content, primarily used as feed for fish, poultry, and other animals. The lipid content of BSF larvae/prepupae is influenced by the feed for growth and can reach up to 57.8%. BSF lipids mainly consist of medium-chain saturated fatty acids, with lauric acid (LA) being the dominant component. The LA content in BSF larvae/prepupae can be enhanced by incorporating or utilizing substrates containing highly digestible carbohydrates for larval growth. The LA content can reach 76.13% in larvae reared on fruit waste. LA has been reported to exhibit antibacterial, antifungal, antiviral, and anticancer properties. Moreover, it has applications in various fields such as pharmaceuticals, food and beverages, cosmetics, body care, soaps and detergents, plastics, and textiles. This review aims to investigate the LA content in BSF larvae and explore its potential applications, thereby establishing BSF larvae/prepupae as a novel source of LA for diverse fields.