Chia (Salvia hispanica L.) is a small seed that comes from an annual herbaceous plant, Salvia hispanica L. In recent years, usage of Chia seeds has tremendously grown due to their high nutritional and medicinal values. Chia was cultivated by Mesopotamian cultures, but then disappeared for centuries until the middle of the 20th century, when it was rediscovered. Chia seeds contain healthy ω-3 fatty acids, polyunsaturated fatty acids, dietary fiber, proteins, vitamins, and some minerals. Besides this, the seeds are an excellent source of polyphenols and antioxidants, such as caffeic acid, rosmarinic acid, myricetin, quercetin, and others. Today, chia has been analyzed in different areas of research. Researches around the world have been investigating the benefits of chia seeds in the medicinal, pharmaceutical, and food industry. Chia oil is today one of the most valuable oils on the market. Different extraction methods have been used to produce the oil. In the present study, an extensive overview of the chemical composition, nutritional properties, and antioxidant and antimicrobial activities, along with extraction methods used to produce chia oil, will be discussed.