Insects are potential alternative protein sources to replace fish meal (FM) in aqua feed. The role of insect species as replacements in the aqua industry has been a hot debate in the current era. The present study evaluated the influence of FM replacement with insect-based meals (black soldier fly (BSF) and maggot fly) in the feed of Nile tilapia. Eight diets with graded replacement levels of FM were formulated along with basal diet as T0 (control group having basal diet), T1 (25% maggot meal (MM) with 2% probiotics), T2 (50% MM + 2% probiotics), T3 (75% MM + 2% probiotics), T4 (100% MM + 2% probiotics), T5 (25% BSF meal (BSFM) + 2% probiotics), T6 (50% BSFM + 2% probiotics), T7 (75% BSFM + 2% probiotics), and T8 (100% BSFM + 2% probiotics). Fish having an initial body weight of 7 g were fed on formulated feed for 16 weeks. Growth parameters, including weight, length, feed conversion ratio, specific growth rate, and survival rate, were observed weekly, and significant ( p < 0.05 ) results were attained up to 75% replacement level with no adverse effect on growth. However, at 100% replacement of FM, fish growth was retarded. Maximum survival rate was observed in T1 and T5 and minimal in T4 and T8. Body composition, including crude protein, fat, moisture, and ash, showed significant ( p < 0.05 ) results. Similarly, digestive enzyme (protease, lipase, and amylase) activity was measured at the end of the trial. Fish in T1 and T5 groups had the highest digestive enzyme activity, which slightly decreased with the inclusion of insect-based meals and probiotics. Statistically significant ( p < 0.05 ) results were observed for antioxidant enzyme activity in catalase, glutathione peroxidase, and superoxide dismutase. The most vigorous immune response was shown in T1 and T5, with higher white blood cells and high levels of IgM. The present research showed that FM could be replaced with BSF meal and MM with probiotics up to 50% for better fish health performance; however, 75% replaced FM without compromising growth and health status.