A flavor composition based on edible insect-derived material is provided. The flavor composition includes an edible insect protein or fat. Consumable compositions containing a consumable base and the insect-derived flavor composition are also provided. Processes for preparing the insect-derived flavor composition and the consumable compositions including the insect-derived flavor composition, and for imparting flavor to a consumable or affecting the flavor or aroma profile of a consumable are further provided.