One of the most fundamental behaviors in all the organisms, in order to achieve a satiated state and internal energy homeostasis is feeding. The action of feeding in any being whether be it any vertebrate or an invertebrate involves the perception of the external environment along with the gamut of decision making processes to eat or to not eat. The feeding decision along with chemosensation through gustation and olfaction leads to intake of food with proper nutrient balance along with avoidance of bitter and toxic substances. The progressions in the understanding of the complexity of feeding behavior involving gustation, neuronal and physiological processes have been achieved through the use of unparalleled model organism Drosophila melanogaster. Here, in this review, we aim to discuss the studies about the taste perception of major macronutrients in Drosophila through gustatory receptors as well as how the involvement of neuropeptides and neuromodulators in feeding behavior modulate the plasticity in feeding decisions. This review also summarizes the involvement of insulin/insulin-like growth factor signaling pathway in nutrient sensing and how the interaction of Drosophila insulin-like peptides with neuromodulators regulate feeding decision process. The review provides an integrative approach towards a balanced metabolic state in Drosophila through the interplay of physiology, gustatory perception and neuromodulation.