Linum usitatissimum commercially known as Flax or flaxseed is mainly considered as an oilseed crop all over the globe belonging to the family Linaceae. Flax was valued in Ancient and Early Modern times as both food and medicine. Linseed has an important position in the Indian economy due to its wide industrial utility. In recent years, it emerged as a main key resource of phytochemicals in nutritional and functional aspects of human health. Moreover, due to other nutritional considerations than its oil content, make it a more favorable choice for food technologists and nutritionists to develop it as a functional food. Several studies divulge that these ingredients work well for nutritional advantage for human beings. Scientific evidence suggests and supports flaxseed consumption due to its quality proteins, soluble fibers, and a rich source of phenolic compounds. However, a large sector of the population all over the globe is still unaware of the health benefits supplementary to its consumption and its possible applications as useful food ingredients in food and food products. Flaxseed is mainly known for its high alpha-linolenic acid content, but it is also a rich source of lignan, compounds which are biologically active in the prevention of some chronic diseases. Flaxseed dietary fiber exhibits positive effects to reduce constipation, keep better bowel movement, and as a hypocholesterolemic agent. Over and above, numerous researchers reported that flaxseed incorporated food products can have good customer adequacy along with their nutritional welfares.