Insects have long been a part of the human diet, but their appeal as a human meal has only grown in recent years due to their potential as a vast future food supply with high nutritional value and significant environmental benefits. The African palm weevil (APW) larvae (Rhynchophorus phoenicis) is one of the promising insects with promise in food application. This paper provides a comprehensive review of APW larvae based on bioecological, consumption, nutritional value, nutraceutical and pharmaceutical properties, and consumer acceptance. APW larvae are an alternative food, especially in the African region, that has been consumed by people for a long time. Over time, APW larvae consumption has developed both in terms of quantity and quality; this is indicated by an increase in APW farming followed by diversification of processed products. APW larvae contain high nutrients, including amino acids, fatty acids, and minerals. In several African countries, APW has been utilized in various dishes prepared using different methods. APW farming has economic potential that can increase people’s income. APW larvae are highly accessible, inexpensive, have low environmental footprints, and have the potential to solve food poverty in Africa. This study is intended to provide policymakers with a framework for developing and implementing more appropriate rules and regulations to support the expansion of the APW industry.