Black soldier fly larvae meal (BSFLM) is increasingly recognized as a sustainable alternative to conventional protein sources such as fishmeal and soybean meal, with added value in organic waste recycling. This review synthesizes current evidence on Black Soldier Fly (Hermetia illucens) production systems, nutritional characteristics, environmental performance and applications in feed, food and circular economy models. BSFLM typically contains 40-45% crude protein and 25-35% lipids (dry matter basis), with a favorable amino acid profile for animal nutrition. Life cycle assessments indicate that replacing fishmeal or soybean meal with BSFLM can reduce greenhouse gas emissions by 30-40%, while requiring substantially less land and water. Feeding trials across aquaculture and poultry commonly show that partial substitution (25-50%) maintains growth performance and product quality. In addition, BSFLM can reduce organic waste mass by 50-80%, generating frass suitable for reuse as fertilizer.