Flaxseed is one of the eight major oil crops in China, and flaxseed oil is a healthy vegetable oil rich in α-linolenic acid, which is highly favored by consumers. Volatile flavor substances are a key attribute affecting the quality of flaxseed oil and its popularity among consumers. This article provides a systematic overview of recent advances in the research on volatile flavor substances in flaxseed oil, with a focus on the techniques and methods for the extraction, analysis and detection of volatile flavor substances in flaxseed oil from the perspective of molecular sensory science, the material basis and aroma characteristics of volatile flavor in flaxseed oil, and the factors affecting the flavor formation of flaxseed oil. Moreover, it also summarizes the possible formation pathways of some key flavor substances during the processing of flaxseed oil. It is hoped that this review will provide a theoretical basis for improving the flavor of linseed oil.