Flaxseed oil, derived from flaxseed, is well-known for its many health benefits stemming from its distinctive chemical makeup. It is a significant source of omega-3 and omega-6 fatty acids, with α-linolenic and linoleic fatty acids as the primary components. Research has shown that incorporating flaxseed supplements into one’s diet can have a positive impact on both treating and preventing a range of diseases. The oil components in flaxseed significantly reduce plasma cholesterol and blood pressure in dyslipidemic patients. Additionally, high EPA levels improve symptoms of CNS depression, such as behavioural despair and anhedonia. α-Linolenic fatty acids in flaxseed oil have anti-inflammatory effects by decreasing the production of inflammatory cytokines. The richness of flaxseed oil in PUFAs results in prominent anti-inflammatory, immunoregulatory, and antibacterial effects. Furthermore, dietary consumption improves osteoporotic status by enhancing femur bone mineral density, bone strength, and fatty acid composition, mainly due to its lipophilic components such as PUFA and to a lesser extent, lignans. Other components that contribute to the effects of flaxseed oil, such as antioxidant and anticancer effects aside from PUFAs, include tocopherols, beta-carotene, phytosterols, and polyphenols.