Linseed, also known as flaxseed (Linum usitatissimum L.), is one of the world’s earliest domesticated crops. Its unique properties and wide range of uses have been acknowledged through both archaeological discoveries and historical texts. Linseed has a long history of being utilized for food, textile fiber, animal feed, and medicine. The term “linseed” originated from the practice of making fine linen cloth from the plant’s stems. The species name “usitatissimum” signifies the plant’s extensive value due to its diverse applications. While “flaxseed” can also refer to the plant’s unspun fibers, its potential as a multiuse crop is being increasingly recognized and explored on both the national and international levels. Flourishing usage of flaxseed in human consumption, animal feed, industrial products, and growing demand for fiber and protein-rich foods are leading to the growth of the linseed market in the present era. In the recent times of microplastic pollution and climate change, linseed also offers hope in terms of Phytoremediation practices. To meet the future growing linseed market demands, new breeding and biotechnological approaches should be used to improve the quality and production of linseed globally and in the country.