Brevibacillus laterosporus is a ubiquitous bacterium that has been isolated from a wide range of abiotic and biotic habitats. Especially, it has been reported from various insects which supported the development of its mutualistic or pathogenic interaction with diverse insect species under co-evolutionary force. In the recent past, different B. laterosporus strains reported to produce multiple bioactive agents including antimicrobial peptides (AMPs) and antibiotics with diverse antimicrobial and antitumor activities. Further, whole genome sequencing of this bacterium revealed biosynthetic gene clusters which suggested its potential to produce multiple polyketides, non-ribosomal peptides, and bacteriocins. All these facts strongly suggest B. laterosporus as a potential bio-pesticidal or bio-control agent against a diverse species of insects and phytopathogens including bacteria and fungi which may lead to its application in the agricultural industry. Further, broad-spectrum antimicrobial action against drug-resistant and pathogenic bacteria along with antitumor activities suggested the potential for the development of bioactive molecules produced by B. laterosporus in the pharmaceutical and biotechnology industry including agriculture and food preservation. Overall, the present review is focused on the co-evolution of B. laterosporus with its diverse hosts that result in a diverse array of bioactive agents for various agricultural and therapeutic applications.