<p>An effective organic waste management can be achieved using black soldier fly (BSF) larvae, converting waste into a valuable biomass high in protein and fat content. This systematic review examined BSF bioconversion for processing industrial organic by-products, focusing on how substrate composition and type influence larvae protein and fat content. The objectives were to evaluate the potential of industrial organic by-products as BSF rearing substrates. A shortlisted number of peer-reviewed articles has been comprehensively analyzed. The results indicate that BSF bioconversion can be used to manage a variety of industrial organic by-products. The industry types in this article are divided into two categories: (1) Food Products, Beverages, and Tobacco Products; and (2) Production, Processing, and Preservation of the Meat, Fish, Fruits, Vegetables, Oils, and Fats. The nutritional composition of BSFL reared on these substrates, including total fat, protein, fatty acid and amino acid levels, was explored. The characteristics of larvae and prepupae were discussed for their potential uses. The bioconversion products can be used as animal feed, raw material in biodiesel production, cosmetics, pharmaceuticals, and biopolymers production. This article assessed the environmental impact of BSF bioconversion, encompassing greenhouse gas emissions, to determine its viability relative to other waste management methods.</p>