Abstract Flaxseed (Linum usitatissimum L.), one kind of common oilseeds, has many biologically active compounds including α-linolenic acid (ALA), lignan and dietary fiber. At present, the research of flaxseed is focused on biological and clinical studies of its compounds. However, the studies of flaxseed protein obtained generally from flaxseed cake, are relatively limited. As many other kinds of plant proteins, flaxseed protein presents many excellent functionalities which can be used for food applications. Many evidence have showed that flaxseed protein hydrolysates can provide health benefits to our body, such as anti-bacterial activity, antioxidant capacity and angiotensin-converting enzyme inhibition ability. Therefore, in order to make better use of flaxseed protein in foods, the extraction, functionalities and applications of flaxseed protein were reviewed in this paper. In addition, the preparation of flaxseed protein hydrolysates was discussed.