Black soldier fly larvae (BSFL) decompose various organic wastes into valuable oil and protein for promising biofuel, cosmetic, food and feed applications. In this paper, temperature-controlled mechanical pressing (70, 90, 110, 130 °C) was employed to fractionate BSFL oil and defatted protein meal simultaneously. Higher temperature obtained higher oil yield without significant impact on the protein yield and material losses. BSFL oil extracted at 110 °C showed a good yield (18.83%), fatty acid profile and saturation level (53.48 g I 2/100 g iodine value and 219.10 mg KOH/g saponification value) similar to palm oil. It exhibited the lowest peroxide value (12.90 mEq/kg) and free fatty acid content (1.14%), with a high carotenoids content (192.60 ppm). Due to the potent antioxidant capacity, the accumulation of carotenoids would help to maintain the quality and protect the oil against oxidative attack. As a result, lower degree of oxidation ultimately improved the oxidative stability and reduced the peroxide value of oil. Moreover, the high protein dispersibility index (71.25%) of BSFL meal defatted at 110 °C also indicated superior quality and bioavailability. Hence, the optimum fractionation temperature was found at 110 °C which produced lower oil rancidity, higher stability and quality of both oil and protein meal for diverse food and non-food applications.