Walnut oil is a rich source of omega- 3 fatty acids. It does not contain cholesterol. Walnut oil has linoleic acid, which is an essential polyunsaturated omega â?? 6 fatty acid. It is an excellent source of selenium, magnesium, zinc, iron and phosphorous. Walnut oil also provides essential vitamins like E, B1, B2, B3 and niacin. Consumption of walnut oil is known to reduce levels of bad cholesterol and improve the ratio of good cholesterol. It can also reduce levels of triglyceride and hence prevent coronary heart diseases. The shelf life of walnut oil is around one year but once opened it needs to be refrigerated. It needs to be stored in cool and dark place.