The global need for sustainable protein sources has contributed to the search for alternatives to conventional livestock and aquaculture feed. The black soldier fly (BSF) is a potential option for sustainable protein production due to its ability to convert organic waste into high-value biomass efficiently. To maximise its feed, food application, and resource recovery potential, the nutritional composition and techno-functional properties must be analysed in different developmental stages. This research assesses BSF as a sustainable protein source by an analysis of its growth, nutritional profile, and techno-functional characteristics. This study aims to evaluate the biomass conversion efficiency, analyse the nutritional composition, and examine the high-protein extract’s techno-functional properties of BSF at various life stages. BSF eliminated 49.3 ± 0.44% of the DM of the substrate throughout the 12-day development period. Notably, BSF had a 93.6 ± 11.11% survival rate and a food conversion ratio of about 1.6 ± 0.07, demonstrating its outstanding ability to transform organic materials into useful biomass. Protein content varied significantly between life stages, ranging from 31.1 ± 0.31w/w% in larvae, 39.0 ± 0.15 w/w% in pupae, and 65.5 ± 0.18 w/w% in adults. Adults had a fat level of 22.3 ± 0.45 w/w%, whereas larvae and pupae had a fat content of 32.5 ± 0.32 w/w% and 25.8 ± 0.60 w/w%, respectively. The ash content of larvae, pupae, and adults was 6.1 ± 0.03 w/w%, 9.8 ± 0.21 w/w%, and 4.5 ± 0.01 w/w%, respectively. The percentage of carbohydrates ranged from 6.2 ± 0.50 w/w% in adults to 19.3 ± 0.50 w/w% in pupae and 13.6 ± 0.12 w/w% in larvae. Notably, BSF adult protein showed improved solubility in the pH range of 9–10. The oil holding capacity of BSF larvae high-protein extracts was lower than that of pupae, which was lower than adults. Pupae of the BSF had the maximum foam volume, whereas larvae and adults had somewhat lower values. The high-protein extracts from BSF larvae had the best emulsifying ability. The gelling capabilities of BSF high-protein extracts were investigated using a heat-induced technique, which revealed the commencement of gelation at different temperature ranges for larvae, pupae, and adults. This study highlights the diverse potential of BSF as a sustainable protein source, providing solutions for organic by−product management, resource recovery, and food sector innovation. Moreover, the different techno-functional properties of the BSF proteins in different life stages could indicate diverse applicability in various food products and the creation of novel products based on BSF-derived proteins.