Most of world’s fish and seafood are produced by aquaculture, which is one of the biggest contributors to the world’s food security. The substantial increase in prices of conventional feed ingredients and the over-exploitation of natural resources are some of the biggest constraints to aquaculture production. To overcome this stress, different approaches and techniques are used, among which the use of non-conventional feed ingredients in the aquaculture sector is the most recent approach. Different non-conventional feed ingredients such as plant-based products, algae (both micro and macroalgae), single-cell protein (bacteria and yeast), and insect meal are currently used in aquaculture for sustainable food production. Amongst all these novel ingredients, insects have greater potential to replace fishmeal. The existence of about 1.3 billion tons of food and agriculture waste from the food chain supply poses a serious environmental threat. Insects are tiny creatures that can thrive on organic waste and thus can convert the waste to wealth by the bioconversion and nutritional upcycling of organic waste. Insects have the potential to recover nutrients from waste aquaculture products, and many fish species feed on insects naturally. Therefore, employing insects in the aquaculture sector to replace fishmeal is an eco-friendly approach. The present review briefly highlights emerging non-conventional feed ingredients, with special attention given to insects. The current review also focuses on the nutritional value of insects, factors affecting the nutritional value of insects, potential insects that can be employed in the aquaculture sector, the physiological response of fish when fed with insect meal, techno-functional properties of insect meal, and emerging approaches for addressing possible downsides of employing insect meal in fish diets. Finally, it suggests avenues for further research into these inventive fishmeal replacements.