The objective of this research was to find out the potential value of flaxseed as a dietary supplement as well as an edible oil resource. The characteristics of yellow flaxseed oil and brown flaxseed oil were compared to check which oil is better in the aspects of cooking purpose and of nutritional value. The quality of flaxseed oil was evaluated based on the composition of fatty acid, the content of phenolic compounds and the anti-oxidant activity. The total phenolics of yellow flaxseed oil and brown flaxseed oil were 10.78±0.46 and 29.88±3.25 mg/100 g, respectively. Their γ-tocopherol contents were 20.59 and 17.94 mg/100 g, respectively. Contents of linolenic acid were 56.60 and 31.38% and oleic acid were 18.24 and 39.16 %, respectively. Yellow flaxseed oil showed higher ratio of unsaturated fatty acid than brown flaxseed oil. However, brown flaxseed oil showed higher electron-donating abilities than brown flaxseed oil, which might be due to its higher content of phenolic compounds. In conclusion, flaxseed has a great potential as a good edible oil resource due to its high content of unsaturated fatty acid and anti-oxidant activity.