Flaxseed is extensively consumed in three ways: whole seed, powder and flaxseed oil. In the last decade, flaxseed has garnered attention due to its reported health benefits. Studies have shown that the benefits of flaxseed are believed to be due three important components found in flaxseeds, α-linolenic acid (ALA), lignans, and fiber. The presence of these bioactive compounds helps in the prevention of cardiovascular diseases, diabetes, memory loss, and constipation. The phenolic compounds of flaxseed help in reduction of the fasting plasma glucose levels. Flaxseed contains biologically active estrogenic compounds called phytoestrogens which helps in decreasing cell proliferation and prevents cancer. Higher levels of flaxseed are associated with prevention of memory loss and constipation. Flaxseed also contains several non-nutritional compounds such as cyanogenic glycosides, cadmium, trypsin inhibitors and phytic acid that negatively influence health and well-being.