Black soldier fly (BSF, Hermetia illucens), a high lipid containing insect, is considered as a promising candidate for bioconversion of restaurant waste in China. The fresh oil extracted from BSF larvae were refined by degumming, alkaline neutralization, and absorption decolorization. The gas chromatography-mass spectrometry analysis showed that 12:0, 16:0, 18:1, and 18:2 were the main fatty acids, which accounted for more than 80% of the refined BSF oil. Odorless sulfurized BSF oil was synthesized, and the tribological behaviors of the sulfurized BSF oil as a biodegradable additive in base oil 150 N and pure poly-alphaolefin PAO4 were evaluated in comparison with the commonly used sulfurized lard by means of four-ball friction and wear testers. The formation of C S bond in the vulcanized oil molecules was confirmed by FTIR analysis. Sulfurized BSF oil showed superior load-carrying capacity and friction-reducing ability compared with sulfurized lard.