Flaxseed (Linum usitatissimum) from the family Linaceae, is a valuable medicinal oil seed crop cultivated all around the world. Presence of proteins, dietary fiber, fatty acids, especially α-linolenic acid, vitamins, minerals, phenolics, flavonoids and other bioactive components in significant amounts, enhances medicinal, pharma food and commercial value of flaxseed. It has been added in a variety of bakery items, beverages and dairy products. Moreover, consumption of flaxseed upsurge due to its risk lowering ability of numerous degenerative (diabetes, obesity) and chronic disorders (cardiovascular diseases and cancer). Flaxseed also has prebiotic properties and improve the health of gut microbiota. Additionally, flaxseed also contains several antinutrients such as phytic acid, protease inhibitors, and cyanogenic glycosides, which can limit the bioavailability of certain essential nutrients and can reduce nutritional value. Flaxseed meal interactions, dosage and supplementations have also been discussed. The focus of the current review is on recent studies on humans and animals as well as flaxseed's commercial use in a variety of food products as proof of its phytochemical content and potential health benefits.