One of the most successful classes of living organisms are insects. They are quite distinct from one another. Mankind and insects have been interacting since prehistoric times. They are beneficial to humans and cause some serious damage to human health and their resources. With the changing times, the role of insects has also modified as they are used at industrial level such as honey bees, lac insects, and silkworms and also for food and pharmacological purposes. Establishing a connection between economic development and the potential of bioresources is vital. In bioprospecting, there is a greater need than ever to provide scientific legitimacy and update common thinking. Insect gut proteases are undetectable and can serve as a substitute source of microbial protease, and they have drawn a great deal of attention in the fields of food and commercial biotechnology. In the Indian aspect, increasing studies on insect biodiversity and possible commercialization of the bioresources can be of great help.