The purpose of this review is to reveal the lipid and protein contents in black soldier fly larvae (BSFL) for the sustainable production of protein and energy sources. It has been observed from studies in the literature that the larval lipid and protein contents vary with the rearing conditions as well as the downstream processing employed. The homogenous, heterogenous and microbial-treated substrates via fermentation are used to rear BSFL and are compared in this review for the simultaneous production of larval protein and biodiesel. Moreover, the best moisture content and the aeration rate of larval feeding substrates are also reported in this review to enhance the growth of BSFL. As the downstream process after harvesting starts with larval inactivation, various related methods have also been reviewed in relation to its impact on the quality/quantity of larval protein and lipids. Subsequently, the other downstream processes, namely, extraction and transesterification to biodiesel, are finally epitomized from the literature to provide a comprehensive review for the production of unconventional protein and lipid sources from BSFL feedstock. Incontrovertibly, the review accentuates the great potential use of BSFL biomass as a green source of protein and lipids for energy production in the form of biodiesel. The traditional protein and energy sources, preponderantly fishmeal, are unsustainable naturally, pressingly calling for immediate substitutions to cater for the rising demands. Accordingly, this review stresses the benefits of using BSFL biomass in detailing its production from upstream all the way to downstream processes which are green and economical at the same time.