Baculoviruses are arthropod-specific large circular double-stranded DNA viruses successfully used for the control of multiple insect pests. In addition to their application in pest control, baculoviruses have become a versatile and powerful eukaryotic vector for the production of large quantities of recombinant proteins for research and biomedical purposes. Since the first recombinant protein was expressed in 1983 using the baculovirus expression system (BEVS), different strategies have been developed for the generation of recombinant viruses and to increase the stability, yield, and posttranslational modifications of recombinant proteins. In this review, we summarize the main methods and elements playing a role in the BEVS emphasizing recent progresses and future developments with respect to the main aspects involved in protein production using the BEVS.