In order to make use of and industrialize the animal dung from large cattle farms, this paper explored the feasibility of using Tenebrio molitor to digest and utilize cattle dung. Cattle dung was mixed with the conventional feed (65% wheat bran, 30% corn flour, and 5% bean pulp) of T. molitor in definite proportions, and fermented with effective microorganisms (EM). The fermented products containing 60% and 80% of cattle dung (FD1 and FD2, respectively) were selected to feed T. molitor larvae, and the effects of the fermented products on the growth curve, death rate, pupation rate, and antioxidant system of the larvae were compared. Compared with CK (conventional deed), the FD1 made the developmental duration of the larvae prolonged by 10 days and the larvae's death rate upraised somewhat, but made the single larva's total food intake, average body mass, crude fat content, and ratio of unsaturated to saturated fat acids increased by 49%, 28%, 26%, and 32%, respectively (P < 0.05), and the activity of larvae's antioxidant system improved significantly, showing a remarkable adaptability of the larvae to FD1. Unlike FD1, FD2 displayed definite disadvantages in most test growth indicators, as compared with CK, indicating that T. molitor larvae had weak adaptability to FD2. Our findings suggested that using FD1 to feed the 3rd instar of T. molitor larvae would have good practical prospects in industrializing cattle dung.