Linseed oil is an edible oil in demand as a nutritional supplement, as a source of α-Linolenic acid, (an omega-3 fatty acid). In parts of Europe, it is traditionally eaten with potatoes and quark.ue to its polymer-forming properties, linseed oil can be used on its own or blended with combinations of other oils, resins or solvents as an impregnator, drying oil finish or varnish in wood finishing, as a pigment binder in oil paints, as a plasticizer and hardener in putty, and in the manufacture of linoleum.