Soybean (Glycine max) is one of the most important crops worldwide. This crop is prone to diseases caused by the phytopathogenic fungi Macrophomina phaseolina, Fusarium oxysporum, and the lepidopteran pest Rachiplusia nu. Biological control using entomopathogenic fungi is a sustainable alternative to chemical pesticides. In this study, we assessed the antifungal activity of Beauveria bassiana and Metarhizium anisopliae against phytopathogens and the pathogenicity of B. bassiana as an endophyte against R. nu. The antagonic activity of the fungal entomopathogens was evaluated in vitro by dual culture bioassays. The feeding preference of R. nu was evaluated in a “free choice” assay under laboratory conditions. Entomopathogenic fungi inhibited the mycelial growth of the phytopathogens. The best response in all cases was observed when the antagonists were placed in the culture medium two days before the pathogens. B. bassiana was the best antagonist of F. oxysporum, while both antagonists had similar inhibitory effects on M. phaseolina growth. Additionally, B. bassiana, when grown as an endophyte, reduced insects’ food preferences and decreased soybean consumption. Findings suggest that entomopathogenic fungi can fulfill multiple roles in the ecosystem. Therefore, the simultaneous expression of both properties should be considered for their application in integrated pest management programs.