In view of industrial fractionation processes for edible insects, supercritical CO2 extraction of Tenebrio molitor larval oil was studied. The influence of extraction parameters on defatting of larvae was investigated using a full factorial design. Furthermore, the effect of operating conditions on extraction kinetics, fatty acid composition, and acidity of mealworm oil was evaluated. Pressure, time, and their interaction showed the most significant effects on defatting. Maximal defatting (95%) was achieved at 400/250 bar, 45°C, and 105 min. Extraction kinetics revealed that incrementing pressure increased the solubility of mealworm oil in SC–CO2 enabling faster extraction. Extracted oils contained 72% unsaturated fatty acids, and oleic acid accounted for 42% of total FAME. Oil composition and acidity were found to be affected by extraction parameters showing the highest amount of low molecular and free fatty acids after slow extraction at 250 bar and 65°C. Use of selective extraction conditions enabled simple time‐dependent fractionation and deacidification yielding fractions with tailored fatty acid profiles or facilitating subsequent refining processes, respectively. Defatting performance and oil composition were not substantially different when using hexane as a solvent in comparison to SC–CO2. Mealworm larvae can be effectively defatted using SC–CO2 at high pressure and moderate temperature, yielding two valuable fractions: oil‐ and protein‐rich residue. Practical applications: Mealworm larvae are promising candidates for the inclusion of edible insects in the western food and feed industry due to modest breeding demands, existing rearing knowledge, and high contents of protein and fat. The development of fractionation processes for the production of standardized insect bulk materials and incorporation in feed or food in analogy to soy and other plant raw materials rich in fat and protein will help gain industrial applicability and enhance consumer acceptance. Depending on the processing approach, a defatting step is crucial prior to protein extraction. The results of this study indicate that SC–CO2 extraction is suitable for achieving a high yield of solvent‐free oil and a protein‐enriched, solvent‐free residue at low extraction temperatures. Both fractions can be further refined and purified in order to achieve valuable intermediates for food and feed applications. The SC–CO2 extraction of mealworms yielded highly unsaturated oil and a defatted residue containing protein and chitin. The operating parameters clearly affected the defatting performance and the extraction rate. The SC–CO2 extraction of mealworms yielded highly unsaturated oil and a defatted residue containing protein and chitin. The operating parameters clearly affected the defatting performance and the extraction rate.