In this study, Bacillus velesensis TJS119, isolated from freshwater, demonstrated growth inhibition against insect pathogenic fungi. The culture medium of the B. velezensis TJS119 strain underwent sequential fractionation with n-hexane, chloroform, ethyl acetate, n-butanol, and water. Notably, the n-butanol fraction exhibited significant antifungal activity against Metarhizium anisopliae and Beauveria bassiana. LC/MS analysis of antifungal peaks identified the production of various lipopeptides by B. velezensis TJS119, including two types of iturin A (C14, C15), four types of fengycin A (C14, C15, C16, C17), and two types of fengycin B (C16, C17). The antifungal efficacy of Iturin A and Fengycin against insect pathogenic fungi was further validated using the paper disc diffusion method. These findings underscore the potential of B. velezensis TJS119 as a promising candidate for future research and applications in the realm of agricultural biological controls against fungal diseases.