Oils from two commercial flaxseed hulls extracted by six procedures were evaluated for physicochemical characteristics. Oil yield ranged from 9% to 28% depending on solvent and extraction. Lipid fractionation of crude flaxseed hull oil yielded 92.5% neutral lipids, 3.1% phospholipids, 2.4% acidic lipids and 2.1% free fatty acids. Flaxseed hull oil exhibited three thermal transitions between −35 and −13 °C with solvent dependent polymorphism. Thermal oxidation by differential scanning calorimetry (DSC) revealed three step oxidation of flaxseed hull oil with mean onset and oxidation temperatures at 121 and 150–253 °C, respectively depending on the extraction procedure. Flaxseed hull oil exhibited two-fold difference (0.6–1.2 μm Trolox equivalent/g) in antioxidant activity measured by a photochemiluminescence (PCL) assay. Supercritical CO 2 extracted the most oil with the highest antioxidant capacity of all evaluated procedures resulting in a defatted flaxseed hull containing the highest (53 mg/g) secoisolariciresinol diglucoside (SDG) level.