Flax (Linum usitatissimum) has been used for centuries as a source for oil extraction. In recent years it has attracted considerable interest as a result of studies which attribute potential health benefits to its components, including the prevention of chronic non-communicable diseases. Among these compounds presenting biological activity, alpha-linolenic acid, lignans and soluble fibre are of special interest. 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 work is to learn how the best use can be made of these compounds, by studying flaxseed and flaxseed cake as sources of compounds of interest for food industry. Oil extracted from flaxseed contained 51.86% of linolenic, 16.34% of linoleic and 20.98% of oleic acid. Fractioning of defatted flaxseed cake produced a polyphenol content of 0.73 mg GAEg-1 extract and a protein isolate of considerable purity, 53.15% yield with 0.78 gof albumin equivalent g-1 protein isolate. Additionally, a polysaccharide was isolated with low protein content as impurity, 10.71% yield with 1.37 mg of glucose equivalent per gram of polysaccharide. This information will form the basis for assessing the extraction of products of interest for the food industry from flaxseed cake.