Scientific evidence supports flaxseed consumption; however, a large sector of the population is still unaware of the benefits associated to its consumption and its possible applications as functional food ingredient in foodstuffs. Flaxseed is mainly known by its high alpha-linolenic acid content, but it is also a lignan source, soluble fibre and protein, compounds which are biologically active in the prevention of some non-transmissible chronic diseases. Southern Chile has comparative advantages for the cultivation of this crop. Together with its full processing, this crop could strengthen regional industry. The purpose of the present review is to highlight the nutritional properties of flaxseed.