Summary Flaxseed mucilage (FM) is a hydrocolloid heteropolysaccharide comprised of a variable ratio of neutral and acidic monosaccharides. It possesses emulsifying, thickening, gelling and water−/oil‐binding properties. Due to these properties, it is highly applicable in foods as a functional agent to improve their physical and sensory parameters, thus representing an alternative to common plant gums. The most recent research is focused on the potential of FM for food treatments as a functional component. FM is usable in coatings and films. Combining with chitosan, bioactive proteins and peptides, or other compounds improves the quality of food products. FM may serve as a structural agent of novel gel materials, like oleogels, cryogels and aerogels. It can also be utilised within dietary applications to encapsulate living probiotics or bioactive compounds or serve as a prebiotic agent. Complexing of FM with proteins can lead to the improvement of their functional properties. The versatility of FM and unique properties, on the other hand, reveal its potential for further study and predetermine its use in a broad range of food and related applications in the future.