Abstract Black soldier fly (BSF) larvae are exceptionally efficient at converting otherwise unusable waste products, while having a minimal impact on the environment. To optimise the production of BSF larvae, selective breeding could be used. With selective breeding, the best individuals to breed the next generation are selected, for example, with a breeding goal. This study aimed to make the first step towards defining such a breeding goal, by estimating the economic values (EV) of traits that are important for the production of BSF larvae. EV were estimated for larval mass on day 15, feed intake, feed conversion ratio, growth rate, dry mass-, protein- and fat content, development time, eggs per fly, egg hatching rate, and larval mortality. A bio-economic model was used to estimate the profit of a BSF production system that produces 1000 kg of wet larvae at harvesting. The EV of a trait was estimated as the increase in profit when the trait value was increased by 10%, whilst the other traits remained unchanged. EV were expressed per 10% increase, and changes in revenues and costs were specified. The results showed traits with the highest EV were related to composition (dry mass-, and protein-content) and growth (larval mass, development time, growth rate). Traits related to reproduction and flies (development from pupa to fly, number of eggs) had the lowest EV. Due to the lack of information on genetic parameters, the EV are expressed per +10% of the mean value of a trait. In the future, when more information is available, the EV should be expressed per genetic standard deviation. In conclusion, this is the first study that estimated EV for an insect species. The results are a first step towards developing a more sophisticated breeding program for optimizing BSF production.