Oxidative physiology is frequently invoked to explain insect responses to environmental stress, aging, and reproductive investment, yet the underlying evidence does not support a single continuum in which reactive oxygen species invariably represent damage, greater antioxidant activity invariably represents protection, or reproduction necessarily reduces somatic maintenance. This article develops a proposed physiological model in which oxidative balance is treated as a dynamic analytical state emerging from reactive-species generation and signaling, antioxidant and stress-protective capacity, molecular susceptibility, damage and repair, environmental demand, and life-history allocation. Evidence from insects shows that reactive oxygen species can participate in defined signaling pathways while also accumulating during damaging physiological states; antioxidant-related defenses can improve stress tolerance, but their effects depend on pathway, tissue, genotype, and exposure; and thermal, xenobiotic, nutritional, social, and activity-related challenges generate responses that vary with stage, stress history, and ecological context. Aging likewise cannot be reduced to cumulative oxidation because redox-sensitive maintenance, intervention timing, genotype, sex, activity, and laboratory–field transfer modify observed relationships. Reproductive evidence is especially heterogeneous: oxidative costs occur in some systems, are absent for particular behaviors or markers in others, and can be reversed in eusocial insects. The proposed oxidative-balance model therefore interprets stress tolerance, aging, and reproductive investment as conditionally coupled outcomes rather than obligatory consequences of a fixed oxidative budget.