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Bioprospecting has been an important phenomenon involving discovering new drugs and has occurred since the dawn of civilization. The Convention on Biological Diversity (CBD) Secretariat defines bioprospecting as the exploration of biodiversity for commercially valuable genetic and biochemical resources. In the early stage, bioprospecting was focused on plants and various plant-based drugs were discovered. However, insects were also explored, and are of special interest to India. In a broader sense, bioprospecting is the collecting and identifying of biological samples (plants, animals, microorganisms) and the amassing of indigenous knowledge to help in discovering genetic or biochemical resources. Bioprospecting is intended for economic purposes e.g., new drugs, crops, industrial products. However, studies suggested that the value of bioprospecting is higher if it is based on the knowledge of local people because the wisdom that indigenous people have regarding bioprospecting is embedded in their belief system and their culture. Insects as a food play an important role in the new insect focus. Ants, bees, termites, caterpillars, water bugs, beetle larvae, flies, crickets, katydids, cicadas, and dragonfly nymphs are among a long list of edible insects that provide nutrition for the people of Asia, Australia, Africa, South America, the Middle East, and the Far East. Insects represent an important food source for a wide variety of other animal species. By weight, termites, grasshoppers, caterpillars, weevils, houseflies and spiders are better sources of protein than beef, chicken, pork or lamb. Insects are also used as medicine by traditional healers. Chemicals produced by insects for self-defense can be used for antibacterial and anticancer drugs. In the present chapter, contributions that insects make to diets/food security are discussed in detail. Legal regimes and concepts of bioprospecting are described. Information on insects as (a) medicine, (b) natural dyes, (c) food, (d) animal feed, and (e) aesthetic value are assessed. A discussion on the constraints of bioprospecting is provided as are suggestions to promote insect bioprospecting. The nutritional and economic value of edible insects is of much importance and we should further encourage their collection and commercialization, given the benefits to the environment and human health. It is an interesting concept, managing pest insects by developing them into a delicacy and medicine. The chapter will attract the attention of farmers, entrepreneurs, scientists, research workers, the media and the decision-makers to explore insects for the future need of society.Not Availabl