The entomopathogenic fungus Beauveria bassiana is able to grow on insect cuticle hydrocarbons as the sole carbon source, inducing several enzymes involved in alkane assimilation and concomitantly increasing virulence against insect hosts. In this study, we describe some physiological and molecular processes implicated in growth, nutritional stress response, and cellular alterations found in alkane-grown fungi. The fungal cytology was investigated using light and transmission electron microscopy (TEM) while the surface topography was examined using atomic force microscopy (AFM). Fungal hydrophobicity was also measured on the cell surface. Additionally, the expression pattern of several genes associated with oxidative stress, peroxisome biogenesis, and hydrophobicity were analysed by qPCR. We found a novel type of growth in alkane-cultured B. bassiana similar to mycelial pellets described in other alkane-free fungi, which were able to germinate and produce viable conidia in media without a carbon source and to be pathogenic against larvae of the beetles Tenebrio molitor and Tribolium castaneum. Optical microscopy and TEM showed that pellets were formed by hyphae cumulates with high peroxidase activity, exhibiting peroxisome proliferation and an apparent surface thickening. Alkane-grown conidia appeared to be more hydrophobic and cell surfaces displayed different topography than glucose-grown cells, as it was observed by AFM. We also found a significant induction in several genes encoding for peroxins, catalases, superoxide dismutases, and hydrophobins. These results show that both morphological and metabolic changes are triggered in mycelial pellets derived from alkane-grown B. bassiana.