The black soldier fly, Hermetia illucens (L.) (Diptera: Stratiomyidae), is a saprophytic insect that can digest organic wastes, such as animal manure, plant residues, and food and agricultural wastes. In the degradation process, organic wastes are converted into protein, grease, and polypeptides, which can be applied in medicine, the refining of chemicals, and the manufacturing of feedstuffs. After their conversion by the H. illucens, organic wastes not only become useful but also environmentally friendly. To date, the H. illucens has been widely used to treat food waste and to render manure harmless. The protein and grease obtained via this insect have been successfully used to produce livestock feed and biodiesel. In this article, the biological characteristics, resource utilization of protein and grease, and environmental functions of the H. illucens are summarized. This article provides a theoretical basis for investigating potential applications of the H. illucens.