Edible insects, due to their high nutritional value, are a good choice for traditional food supplementation. The effects of partial replacement of wheat flour and butter with mealworm flour (Tenebrio molitor) on the quality attributes of shortcake biscuits were studied. The approximate composition was analyzed, along with the physical properties and color. Moreover, the antioxidant properties, starch digestibility, and glycemic index were determined in vitro. The protein and ash contents in biscuits supplemented with mealworm flour increased, while the carbohydrates content decreased. The increasing insect flour substitution decreased the lightness (L*) and yellowness (b*) but increased the redness (a*), total color difference (ΔE), and browning index (BI). The spread factor for the sample with the highest proportion of mealworm flour was significantly higher than the other biscuits. Furthermore, higher additions of mealworm flour increased the antioxidant activity of the biscuits and contributed to an increase in the content of slowly digested starch, with a decrease in the content of rapidly digested starch. Therefore, the results of the research are promising and indicate the possibility of using edible insects to enrich food by increasing the nutritional and health-promoting values.