Bioinsecticides offer eco-friendly alternatives to chemical insecticides and thereby meet the need for sustainable pest control. Entomopathogenic fungi (EPF) represent one of the core classes of microbial insecticides, distinguished by their advantageous contact-based mode of action. Several products have been successfully commercialized, and with continuing improvements to the technology, the market size for EPF continues to grow. The translation of EPF into reliable field performers relies upon formulation technologies that ensure product quality, stability, virulence, and cost-effectiveness. Current formulations comprise diverse solid and liquid states (e.g., wettable powders, oil dispersions) that deliver a range of propagules (conidia, blastospores, microsclerotia). While advanced approaches like nanoparticle encapsulation show promise, some limitations hinder their widespread use. Major constraints include maintaining fungal viability during storage/transport and protecting propagules from harsh environmental factors post-application. Regulatory requirements also present significant barriers to widespread uptake. Addressing these formulation challenges through continued research is essential for advancing mycoinsecticide technology and increasing their contribution to integrated pest management. This review aims to present the latest scientific advances in EPF formulation technologies and application strategies, alongside an overview of current regulatory frameworks and an up-to-date analysis of registered microbial biopesticide products in some of the world’s largest markets.