Flaxseed has been consumed by people for a very long time due to its nutritional value and medicinal applications. In India, flaxseed is used for both culinary and medicinal reasons. About 45% of alpha‐linolenic acid (ALA), 28%–30% protein, and 35% fiber are present in flaxseeds. The finest source of omega‐3 fatty acids for those who do not consume seafood is flaxseed. Flaxseeds have lignin, of which primary lignan is secoisolariciresinol diglycoside, with low amounts of isolariciresinol, lariciresinol, pinoresinol, and matairesinol. Flaxseed is probably safe for most grown‐ups. The daily number of bowel movements may increase if flaxseed is included in the diet. Additionally, it may result in side effects such as gas, bloating, stomach pain, and nausea. Higher dosages are probably going to cause more secondary effects. Due to the nutritional profile of flaxseeds, they exhibit various health benefits which include; improving cardiac health, improving brain development, improving skin health, improving gut health, maintaining blood sugar level, reducing the risk of renal diseases, and several types of cancers. The purpose of this study is to provide a general overview of the nutritional profile, health benefits, value‐added products, and toxicity of flaxseeds.