The number of intensive livestock and poultry farms is expected to increase substantially in future because of consumer demand. Unfortunately, such demand also results in a great deal of manure being generated, which threatens the environment if it is not properly managed. Concurrent developments in biotransformation of these wastes with the black soldier fly (BSF), Hermetia illucens (L.) (Diptera: Stratiomydiae), demonstrates such concerns can be abated, while also producing products (e.g., protein, chitin, biodiesel, and fertilizer) of value. In this review, we analyzed the factors influencing black soldier fly larvae (BSFL) conversion processes, the role of microorganisms, and the mechanisms used by BSFL when converting livestock and poultry manure into these valuable products. The effects of BSFL conversion technology on reducing the hazards of such materials and their associated pathogens are reviewed, and the economics of livestock and poultry manure conversion by BSF larvae is discussed.