Linseeds constitute about 35–45% oil, which is used for both edible and non-edible industrial applications. The unique fatty acid profile of the oil serves as a major reason for its diverse applicability. The oil is a rich source of polyunsaturated fatty acids (PUFA), namely, α-linolenic acid and linoleic acid, which make it a nutritionally rich supplement for use as a nutraceutical. However, this reduces its stability and hence applicability as an edible oil. Techniques like blending, interesterification, and encapsulation have been studied to improve its stability, functionality, and implementation as a cooking oil, bakery fat, or nutraceutical. The high PUFA content is also responsible for its auto-oxidation, which serves as a primary basis for its utilization as a non-edible oil. It is classified as a drying oil and is thus used as a major ingredient in products such as paints, linoleum, furniture, lubricants, and so forth. The consumer awareness toward eco-friendly fuels has also contributed toward the increased interest in utilization of vegetable oil as biofuels. Linseed oil as an underutilized oil has also garnered attention due to the widening gap between the demand and availability of oils. This chapter delves into the wide-ranging applications of linseed oil, highlighting its potential in various industries.