The black soldier fly (BSF, Hermetia illucens) possesses the remarkable ability to convert waste into valuable lipids, making it a sustainable source of these valuable compounds. However, a comprehensive analysis of the dynamic changes in its lipid profile throughout its growth cycle has been lacking. Herein, the lipid profile dynamics of the BSF at larva, pre-pupa, and pupa stages were characterized based on lipidomic methodology. Lauric acid was the predominant fatty acid, with the highest percentage observed in pre-pupa. A total of 588 lipid molecules, spanning 32 subclasses, were identified. Triacylglycerol abundance exhibited an initial increase followed by a decrease as the BSF grew, while phosphatidylethanolamine and phosphatidylcholine consistently increased. Moreover, 50 differential lipid molecules were screened using multivariate statistical analysis. The glycerophospholipid pathway was the furthest relevant lipid metabolic pathway. These findings significantly enhance our understanding of the BSF’s lipid profile and offer new insights into the potential applications of BSF-derived lipids.