<p>Due to the growth of the global population, there is an increasing demand for novel sources of protein. The current meat production has caused several environmental impacts. The edible insects demonstrate a suitable alternative to substitute meat in food products. As advantages, it is possible to describe the enhanced nutritional value, reduced environmental impact, and ethical aspects. According to the studies, some texture, color, and sensorial parameters are challenging for the development of these novel formulations. Therefore, some strategies to surpass these modifications, such as ultrasound and enzyme applications, the addition of hydrocolloids, and the utilization of the extrusion process, are recommended. In addition, designing marketing strategies might be responsible for improving the consumer’s acceptance. It is also crucial to note some limiting factors for the propagation of insect-enriched meat products, such as the lack of a legal framework and contaminant control. Clear legislation is required to make these products more attractive to the food industry worldwide. Moreover, some functional and technological properties of meat products with insects should be addressed in the future, regarding cooking loss, water-holding capacity, and protein solubility. This review critically examines the advantages, challenges, limitations, opportunities, and gaps regarding the adoption of edible insects as partial substitutes for meat. Therefore, we highlight that edible insects are a suitable alternative protein source to substitute meat in food products.</p>