Food waste accounts for a substantial portion of the organic waste generated at an increasing rate worldwide. Organic waste, including food waste, is largely subjected to landfill disposal, incineration, and anaerobic digestion; however, more sustainable methods are needed for treating it. Treatment of organic waste using black soldier fly (Hermetia illucens) larvae is an environmentally safe and cost-efficient method that has been attracting increasing attention worldwide. Black soldier fly decomposes various types of organic waste and converts them into high-value biomasses such as oils and proteins. This review introduces the trends in research related to the treatment of organic waste by black soldier fly (Hermetia illucens) larvae (BSFL) and their bioconversion efficiencies in Asian countries. Perspectives on the growth of BSFL during waste treatment operation and optimal rearing conditions are provided. The trends in studies related to the application of BSFL as biofuel and animal feed are also discussed. Such use of BSFL would be beneficial in Asia, especially in countries where the technology for processing organic waste is not readily available. This review may provide further directions of investigations including culture techniques for industrial scale applications of BSFL in food waste treatment and resource production in Asian countries.