The use of insects as a sustainable source of animal-based food and in the human diet is increasing. Special attention has been given to black soldier fly larvae (BSFL) because this insect can consume organic waste and convert organic matter into high-quality nutrients that can be used for animal feed. In addition, BSFL rapidly reproduce, can convert large volumes of biomass, can be fed with a variety of organic material, and present a high feed conversion rate. Recent studies have also indicated that BSFL have a lower environmental impact than has livestock production, because they use less water and land mass, although life-cycle assessment analysis is required confirm this. Moreover, this insect is a rich source of protein, lipids, and minerals, and may have beneficial medicinal effects due to the presence of bioactive compounds. However, BSFL as well as any other insect species, present some challenges regarding their low consumer acceptance and limited information related to their food safety. Therefore, this review aims to collect information from the current literature regarding aspects related to rearing conditions and characteristics of BSFL as a sustainable source of nutrients. In addition, it will summarise the nutritional profile, the main bioactive compounds, and the challenges with human consumption of BSFL.