Insect consumption is a traditional practice in many countries. Currently, the urgent need for ensuring food sustainability and the high pressure from degrading environment are urging food scientists to rethink the possibility of introducing edible insects as a promising food type. However, due to the lack of the standardized legislative rules and the adequate scientific data that demonstrate the safety of edible insects, many countries still consider it a grey area to introduce edible insects into food supply chains. In this review, we comprehensively reviewed the legal situation, consumer willingness, acceptance, and the knowledge on edible insect harvesting, processing as well as their safety concerns. We found that, despite the great advantage of introducing edible insects in food supply chains, the legal situation and consumer acceptance for edible insects are still unsatisfactory and vary considerably in different countries, which mostly depend on geographical locations and cultural backgrounds involving psychological, social, religious, and anthropological factors. Besides, the safety concern of edible insect consumption is still a major issue hurdling the promotion of edible insects, which is particularly concerning for countries with no practice in consuming insects. Fortunately, the situation is improving. So far, some commercial insect products like energy bars, burgers, and snack foods have emerged in the market. Furthermore, the European Union has also recently issued a specific item for regulating new foods, which is believed to establish an authorized procedure to promote insect-based foods and should be an important step for marketizing edible insects in the near future.