The widespread use of synthetic chemical pesticides beginning in the late 1930s has contributed to the development of insecticide resistance of many important species of pest insects and plants. Recent trends in pesticide development have emphasized the use of more environmentally benign control methods that take into consideration environmental, food safety, and human health. Biopesticides (e.g., naturally occurring pesticidal compounds) are alternative pest management tools that normally have no negative impact on human health or the environment. Here we review methyl benzoate, a relatively new botanical insecticide that occurs naturally as a metabolite in plants, and whose odor is an attractant to some insects. Since 2016, many studies have shown that methyl benzoate is an effective pesticide against a range of different agricultural, stored product, and urban insect pests. Methyl benzoate has several important modes of action, including as a contact toxicant, a fumigant, an ovicidal toxin, an oviposition deterrent, a repellent, and an attractant. In this review, we summarize various modes of action of methyl benzoate and its toxicity or control potential against various kinds of arthropods, including agricultural pests and their natural enemies, and pollinators. We conclude that methyl benzoate is a very promising candidate for use in integrated pest management under either greenhouse or field conditions.