Food and energy security are global challenges due to growing demand for proteins and biofuels in the pursuit of a sustainable society. Although insects have emerged as environmentally-friendly sources that can replace meats, promising insect species as common resources for food and energy have not been examined. This study therefore identifies the insect species that can be utilized for sustainable food and energy based on their substance contents. These are nitrogen and phosphorus representing protein and minerals, respectively; lipids representing economic feasibility for biodiesel; and water representing drying energy requirement for storage. Fourteen species of the insects commonly farmed are examined: beetles, butterflies, cockroaches, flies, grasshoppers, and bees. Protaetia brevitarsis seulensis (PBS) larvae and termite are identified as promising species. The PBS larvae have the highest potential as a common resource for sustainable food and energy due to higher contents of nitrogen and phosphorus than beef, pork, and chicken; high oil content comparable to palm full fruit bunch (FFB) and soybean; and the lowest water content. This study can thus contribute to initiating new R&D and industrial endeavors to develop mass farming technology for such insects and securing sustainable resources for food and energy.