Insects, which have historically held a prominent position in human history, are remarkably diverse and successful organisms. From the dawn of time, this association has presented both advantages and obstacles for human well-being and material assets. Insects have evolved over time to serve industrial purposes, including those in the agricultural and pharmaceutical industries (for example, honey bees, lac insects, and silkworms). Establishing a correlation between economic growth and the immense potential of bioresources is imperative in light of this transformation. The imperative for updating conventional wisdom and guaranteeing scientific validity grows in tandem with the progress of bioprospecting. Determining untapped commercial resources is contingent upon the investigation of insect biodiversity, particularly in India. This book chapter advocates for a comprehensive understanding of the many applications of insects and emphasizes the need of making sustainable use of these essential bioresources.