The scope of the present study was to study the effect of different populations of Hermetia illucens, commonly known as black soldier fly (BSF), on the major components and volatile composition of the derived freeze-dried flours. Potential differences in the composition of different life cycle stages of BSF, i.e., larvae and pupae, were also investigated. The flours obtained from larvae of two BSF populations from Greece (GR) and Portugal (PO) (L-GR and L-PO, respectively) demonstrated similar major chemical compositions. Pupae (Pu-PO) were richer in chitin compared to larvae. Differences were spotted in their fatty acid profiles and volatile fractions. The saturated/unsaturated lipid fraction ratio was 1.5 in L-GR, higher in L-PO (2.5), and even higher in the case of Pu-PO (4.0). Seventeen (17) compounds were detected in the volatile fraction of the Pu-PO samples and 24 in the volatile fraction of the L-GR and L-PO samples. Notably, dodecanoic acid ethyl ester was the predominant volatile compound in all samples. The proteins of both larvae and pupae were dominated by β-sheet structures. The present study's findings are valuable for designing food or feed products based on BSF components and could be important for applying suitable manufacturing and processing procedures.