Camelina sativa (L.) Crantz (Brassicaceae) is an emerging short season, climate proof, biofuel crop. Popularly hailed as 'gold of pleasure' or 'false flax', Camelina plant requires low agronomic inputs. The seeds are commercially important as it includes 35-40% of oil (rich in -3 fatty acid, tocopherols), 27-32% protein and glucosinolates (GSLs). Evidences suggest that Europe and Central Asia are the landmarks of Camelina instigation owing to its use since Bronze Age. Traditionally, the oil was used for culinary purpose, massage and as a lamp fuel. The oil has been found to possess antihypercholesterolemic, antioxidant properties and increases insulin sensitivity. Recently, the seed cake (meal, a by-product) has developed as a source of polyunsaturated fatty acids (PUFA) and proteins in animal feed to improve the -3 fatty acid content of animal based food products such as eggs, meat, milk and fish oil. Additionally, the components have been found to modulate the expression of inflammatory proteins and GSLs are reported to possess anticancer activity. In this review, we aim to highlight the commercial application and medicinal properties of C. sativa along with newly discovered use and its utilization as feedstock for biofuel and biolubricant production.