Satisfying the nutritional requirements of consumers has made food industries focus on the development of safe, innocuous, easy-to-prepare products with high nutritional quality through efficient processing technologies. Extrusion cooking has emerged as a prominent technology associated with the nutritional and functional attributes of food products. This review aims to establish a theoretical framework concerning the influence of extrusion parameters on the functional and nutritional properties of precooked or instant flours, both as end-products and ingredients. It highlights the pivotal role of process parameters within the extruder, including temperature, screw speed, and raw materials moisture content, among others, and elucidates their correlation with the modifications observed in the structural composition of these materials. Such modifications subsequently induce notable changes in the ultimate characteristics of the food product. Detailed insights into these transformations are provided within the subsequent sections, emphasizing their associations with critical phenomena such as nutrient availability, starch gelatinization, protein denaturation, enhanced in vitro digestibility, reduction in the content of antinutritional factors (ANFs), and the occurrence of Maillard reactions during specific processing stages. Drawing upon insights from available literature, it is concluded that these effects represent key attributes intertwined with the nutritional properties of the end-product during the production of instant flours.