The food processing industry is one of the fastest expanding sectors in the economy because of its increasing demand to alleviate hunger and demand for nutritious food. It has become a significant portion of the world's municipal solid waste causing various environmental, nutritional, social, and economic impacts. Therefore, it is crucial to manage food waste in an environmentally friendly manner that is effective and feasible for economic and environmental reasons. The new technology uses insects such as Hermetia illucens, Tenebrio molitor, and various other bio converters as a carrier to carry out bioconversion with food waste to improve its role in the circular bio-economy. This review aims to present the findings on the use of insects for food waste valorization to obtain value-added products (Frass fertilizers, biofuel, animal feed, and bio-preservatives), its advantages over conventional methods (landfills, incineration, etc.) and challenges associated with these treatments.