The potential use of insects as a novel food resource has recently attracted a great deal of attention because of their environmental and nutritional benefits. Nevertheless, despite growing interest in the use of insects as food, residents of economically developed countries tend not to accept insect-based foods. This study reviewed earlier reports of the literature of consumer acceptance of insect-based foods. Based on the literatures, this review established a theoretical model of acceptance of insect-based foods. Sensory attributes (e.g., taste, smell, appearance) and cognitive attributes (e.g., nutritional value, environmental benefits), and individual traits (e.g., gender, food neophobia, sensation seeking) might influence the acceptance of insect-based foods via emotional processing (e.g., disgust, anxiety, excitement, curiosity). The practical implications for industries and future prospects are discussed.