Flaxseed has sparked a lot of attention as an edible and nutritional oil source due to its extraordinary protein level, high omega-3 fatty acid concentration, and potentially medicinal lignans content. One of the key components of flaxseeds is enriched oil content, which accounts more than 40% of their composition and is mainly responsible for dietary and nutritional significance. The bioavailability and health benefits of flaxseed constituents are greatly influenced by considerations such as the extraction process and the matrix in which they are contained. This article aims to review unique and advanced techniques used for extraction of flaxseed oil along with the comparison of maximum oil yield obtained from different procedures. This indepth review, flaxseed oil is designed to highlight the correlations between the chemical composition of flaxseed oil and its potential physiological impacts with special reference towards heart, CNS, and bones. This study also represents summary of beneficial synergistic effects of flaxseed oil with other oils (olive oil & sesame oil) and medicines owing to its anti-inflammatory, antioxidant, antihypertensive and anticancer actions. This article offers the most recent and thorough investigation of lignan content of flaxseed oil and its potential health benefits for addressing a range of health problems. Additionally, efforts should be made to mitigate the presence of antinutritional factors in flaxseed oil and to develop innovative formulations and delivery systems that maximize their health benefits. Overall, flaxseed oil represents a favorable prospect for the expansion of functional foods and nutraceuticals aimed at improving human health and well-being.