Edible insects as an alternative source of protein are gaining increasing attention, leading to new opportunities for their use in food processing. In this study, the functional properties, such as water and oil holding capacity, foaming, and emulsifying properties, of the most popular insect forms (flour, defatted flour, and protein preparations), such as Gryllus asimillis, Acheta domesticus, and Zophobas morio, were studied. Moreover, proximate analysis, protein extraction yield and efficiency, and sensory analysis, were evaluated. Defatting the flours yielded the highest protein content of all the insect forms tested, in the range of 70.51 to 76.02%, significantly reducing their calorific value by up to 35% for Z. morio. Generally, protein preparations exhibit the best functional properties among studied forms, and the most significant differences are noticeable in foaming capacity—near 30% higher than flours. Furthermore, all samples scored well in the sensory test (overall score 3.76–4.47) except for the Z. morio flour (2.93), which may exclude it from being used in the food industry. The results show that the insect forms studied, due to their good functional properties, can become a valuable component of food recipes, positively impacting the characteristics of the designed food.