This study aimed to develop and evaluate a waste-derived poultry feed pellet that simultaneously addresses protein, mineral, and waste-management gaps by optimizing the combined use of BSF larvae meal and chicken feet bone flour. We hypothesized that moderate inclusion levels would yield nutritionally adequate pellets capable of supporting acceptable growth performance while reducing production costs. Using a Design-Based Research (DBR) approach, five feed variants with differing proportions of BSF meal and bone flour were formulated, pelletized, and subjected to proximate analysis and a 14-day feeding trial on semi-free-range chickens. Key findings showed that all formulations met minimum protein (21–27%) and moisture standards, although ash and fiber levels exceeded national standard limits at higher bone flour proportions. Growth trials revealed that low–moderate inclusion variants supported satisfactory weight gain and feed conversion, while performance declined in high-substitution treatments due to reduced metabolizable energy. Cost analysis demonstrated up to 25% feed cost reduction, driven by the use of post-consumption food waste and poultry by-products. The study provides new evidence that integrating BSF larvae meal with chicken bone flour in pelletized form offers a technically feasible and economically advantageous pathway for circular bioeconomy feed production. The findings fill a research gap on combined protein–mineral waste valorization in poultry feed and demonstrate the potential of multi-waste bioconversion systems for sustainable livestock nutrition.