Edible insects have become increasingly popular in Thailand as a nutritious and appealing alternative food source. As the edible insect industry in the country expands rapidly, efforts are being made to transform it into an economically viable sector with substantial commercial potential. Some of the most consumed and sold edible insects in Thailand include locusts, palm weevils, silkworm pupae, bamboo caterpillars, crickets, red ants, and giant water bugs. With its strong growth, Thailand has the potential to emerge as a global leader in the production and promotion of edible insect products. Edible insects are an excellent source of protein, fat, vitamins, and minerals. In particular, crickets and grasshoppers are protein-rich, with the average protein content of edible insects ranging from 35 to 60 g/100 g of dry weight or 10 to 25 g/100 g of fresh weight. This surpasses the protein content of many plant-based sources. However, the hard exoskeleton of insects, which is high in chitin, can make them difficult to digest. In addition to their nutritional value, edible insects contain biologically active compounds that offer various health benefits. These include antibacterial, anti-inflammatory, anti-collagenase, elastase-inhibitory, α-glucosidase-inhibitory, pancreatic lipase-inhibitory, antidiabetic/insulin-like/insulin-like peptide (ApILP), antidiabetic, anti-aging, and immune-enhancing properties. The Thai food industry can process and utilize edible insects in diverse ways, such as low-temperature processing, including refrigeration and freezing, traditional processing techniques, and incorporating insects into products, such as flour, protein, oil, and canned food. This review offers a comprehensive overview of the status, functional properties, processing, and utilization of edible insects in Thailand, and it serves as a valuable resource for those interested in edible insects and provides guidance for their application in various fields.