Grape pomace is a major by-product produced during grape processing, including grape skin, pulp and seed. Grape seed oil (GSO) obtained from grape seeds is one of the vegetable oil with high nutritional value. It is rich in nutrients such as polyunsaturated fatty acids, tocopherols, phytosterols and phenols. It has many physiological effects such as antioxidant, anti-inflammatory, hypolipidemic, weight loss and antibacterial. Based on the relevant research reports at home and abroad in recent years, this review systematically summarized the extraction technologies, nutritional compositions and health effects of GSO. The research and development direction of GSO in the future was also prospected, aiming to provide a reference value for the high-value application of grape processing by-products.