The utilization of yellow mealworm, Tenebrio molitor (Linnaeus, Coleoptera: Tenebrionidae), for food and feed is gaining interest globally. However, its production is hindered by expensive commercial diets. This study assessed mealworm growth performance, survival, bioconversion, and nutritional composition when fed on wheat bran (WB) with different inclusion levels (25%, 50%, 75%, and 100%) of Irish potato waste (PW). Results indicated that mealworms fed on diets with 25%–75% PW had increased body length and 1–2 times higher weight gain compared to sole WB and PW diets. The survival rate was 93%–94% across all diets. Mealworms fed on WB had a feed conversion ratio of 3.26, while the efficiency of diet conversion increased with PW inclusion levels. Mealworms fed on diets with 75% PW inclusion had the highest crude fat (48%) and energy levels (598 kcal/100 g), while sole WB produced mealworms with the highest crude protein (55%). The acid detergent fiber achieved using 100% WB was 2- to 3-fold higher, but the crude fiber and neutral detergent fiber did not vary significantly. Considerable amounts of lysine (1.6–2 mg/100 g), methionine (0.5–0.7 mg/100 g), leucine (1.4–2 mg/100 g), and threonine (0.8–1 mg/100 g) were achieved in the mealworm larvae. Our findings revealed that cheap agricultural by-products could be successfully used for the mass production of mealworms, substantially contributing to reduced production costs. Further exploration of the nutrient-dense mealworm larvae for the development of novel food and feed products is crucial.