There is currently much interest in phytochemicals as bioactive molecules of food. Functional foods are an emerging field in food science due to their increasing popularity among health conscious consumers. Flaxseed is cultivated in many parts of world for fiber, oil as well as for medicinal purposes and also as nutritional product. In this review, nutrients, anti-nutrients, functional properties, processing, metabolism and health benefits of bioactive molecules viz., essential fatty acids, lignans and dietary fiber of flaxseed are discussed.