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Flax seed (Linum usitatissimum) is an important oilseed crop which has gained importance since last few decades due to its unique nutrient profile. Flax seed comprises high amount of fiber and is a significant source of α-linolenic acid in the diet of vegetarian people. It is evident from several studies conducted that flaxseed carries functional ingredients and provide health benefits. Omega-3 fatty acid, lignan and dietary fiber are major bioactive components of flaxseed which can be delivered through value added products. Flax seed has been successfully exploited in preparation of various value added products. Commercially, all parts of flaxseed plant are exploited directly or after processing. Flaxseed consumption in the diet prevents serious diseases like coronary diseases, cancer, diabetes, obesity, gastrointestinal, renal and bone disorders. To the best of our knowledge, very limited review reports are available for commercial utilization of flaxseed in preparation of various value added products (bakery, dairy, extruded, snack, fermented and other traditional) and effect of flaxseed fortification on nutritional, physicochemical, phytochemical and sensory properties of these products. In future, this data could be useful for different food processing industries.