Walnut oil is an oil that is extracted from the walnut fruit. It is used in cooking, as a salad dressing, and as a condiment. Walnut oil is high in omega-3 fatty acids, which are beneficial for the heart. Walnut oil is also rich in antioxidants, which help protect the body from damage caused by free radicals. Walnut oil has a sweet, nutty flavor and is pale yellow in color.