Entomopathogenic fungi (EPF) have been recognized as effective biological control agents against a wide range of crop and household pests. Traditionally utilized for their insecticidal activity, recent research works have significantly extended the scope of EPF applications beyond pest management. This chapter explores the novel and emerging uses of EPF and evaluates their future potential in diverse fields. Apart from their wider application in pest management, EPF exhibit multifaceted purposes, including endophytic and rhizospheric colonization, induction of systemic resistance in plants, and enhancement of plant growth and nutrient uptake. Advances in formulations such as nanoencapsulation, oil-based carriers, and smart delivery systems have improved their stability, shelf life, and field efficacy. Further, developments in genetic modifications and molecular tools have flagged the possibility for strain improvement, enhanced virulence, and increased adaptability to abiotic stress. The integration of EPF with digital agriculture platforms, drones, and precision application tools is transforming their deployment under field conditions. In addition, EPFs are being explored for applications in public health for vector control, bioremediation of contaminated soils, and as biofactories for secondary metabolites with pharmaceutical values. Despite these advancements, challenges remain in large-scale commercialization, regulatory support, and performance consistency under variable environments. This chapter provides an overview of the current innovations, highlights research openings, and future directions for the multifunctional exploitation of EPF.