Edible insects have been part of the eating habits of several cultures over the years. They are recognized as a promising nutritional and sustainable alternative food source. The transformation of insects into safer and more acceptable food ingredients depends on the processing techniques and the final food system. Conventional methodologies such as blanching, boiling, drying, and milling are primarily used for material pre-conditioning and powder preparation, mostly for preparing bakery products. Most advanced technologies are preferred for extraction of insect derivatives such as lipids, proteins, polyphenols, and chitosan due to their better-quality preservation, higher yield, and more environmentally friendly (solvent residues). Insect derivatives (mainly lipids and proteins) have been used to enhance the nutritional value of processed products and to produce food analogs, principally for meat and less investigated for milk and dairy products. This literature overview summarizes the effect of different processing techniques on edible insects’ safety and quality and their use for the development of processed products and derivatives for food analogs production.