Safflower seed oil is flavorless and colorless, and nutritionally similar to sunflower oil. It is used mainly in cosmetics and as a cooking oil, in salad dressing, and for the production of margarine.

There are two types of safflower that produce different kinds of oil: one high in monounsaturated fatty acid (oleic acid) and the other high in polyunsaturated fatty acid (linoleic acid). Currently the predominant edible oil market is for the former, which is lower in saturated fats than olive oil. The latter is used in painting in the place of linseed oil, particularly with white paints, as it does not have the yellow tint which linseed oil possesses.