Compared to their vertebrate counterparts in traditional husbandry, insects are extremely efficient at converting organic matter into animal protein and dietary energy. For this reason, insects for food and feed show great potential as an environmentally friendly choice in future food systems. However, to obtain a true assessment of this, more information is needed about the production systems. Currently, only six studies applying the life cycle assessment (LCA) method to insect production systems have been published. The studies are heterogenous and thus difficult to compare. The aim of this paper was to establish a versatile reference framework that would allow for the selection of standardized settings for LCA applications in insect production systems, taking both the peculiarity of each system and the latest developments in food LCA into account. It is recommended that future LCAs of insect production systems take the following into account: (1) clear definition of the insect species and life stages included in the LCA, (2) use of at least two of the following types of functional units: nutritional, mass, or economic-based, (3) collection of empirical data in situ (e.g., on farms/production sites), (4) comparative analysis where production systems produce products that are realistic alternatives to the insect species under investigation, (5) inclusion of additional or previously unconsidered unit processes, such as processing and storage and waste management, and (6) use of a wide range of impact categories, especially climate change, resource consumption, nutrient enrichment potential, acidification potential, and impacts on land and water consumption in order to allow for comparison between studies.