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Edible insects are increasingly recognized as sustainable and nutrient-dense ingredients with potential applications across diverse food systems. While their use in solid foods has been widely explored, the incorporation of insect-derived ingredients into beverages remains fragmented and insufficiently conceptualized. This narrative review critically examines the current state of insect-based beverages, integrating technological, nutritional, cultural, and market-oriented perspectives. Rather than adopting a fully systematic review methodology, this article synthesizes representative scientific literature, traditional practices, and emerging commercial examples to explore how edible insects are being positioned within two distinct yet complementary pathways: (i) functional beverages targeting nutrition, gut health, sports performance, immunity, and meal replacement, and (ii) experiential beverages driven by culinary storytelling, tradition, ritual, and sensory innovation, such as insect-infused beers and spirits. Relevant sources were identified through searches of major scientific databases using combinations of keywords such as edible insects, entomophagy, insect-based beverages, functional beverages, and insect protein, with emphasis on peer-reviewed literature published mainly over the past two decades, complemented by representative examples of traditional practices and emerging commercial products. The review discusses the nutritional and biofunctional potential of insect-derived proteins, lipids, and chitin-related components, with particular emphasis on their behavior in liquid matrices, including solubility, stability, flavor impact, and processing constraints. Technological challenges associated with beverage formulations are critically assessed. In parallel, consumer perception is examined through the lens of neophobia, sensory expectations, and the role of cultural framing and gastronomy in facilitating acceptance. By bridging food science, beverage technology, and food culture, this review identifies key knowledge gaps and research priorities for advancing insect-based beverages beyond niche applications. It argues that future development in this field will depend not only on technological optimization and a regulatory framework, but also on the deliberate design of products that integrate functionality with meaningful culinary and cultural narratives.