Pomegranate seed oil is a very good source of the edible oil and a powerful antioxidant. It prevents the plaques formation in arteries, which are the primary cause of heart attack. It prevents loss of bone mineral density in women post menopause. It slows down accumulation of fatty tissue when animals are fed with diet having high amount of fat. In this research, the pomegranate seed oil was studied for its physicochemical evaluation, lipid characterization and identification of fatty acids. Very limited work on pomegranate cultivated in Pakistan has been reported; so it was selected to investigate for oil production and physicochemical and lipid characterization of the oil. The results showed that pomegranate seed oil had peroxide value (3.8447 mEq/kg), free fatty acid (1.1256 % as oleic acid), iodine value (212.4837 gI2/Kg), saponification value (180.7087 mg KOH/g), acid value (2.2399 %), ester value (178.4688 mg KOH/g), refractive index (1.5114), density (0.887 g/cm3), specific gravity (0.8663), and moisture percentage 10.1320%. Major lipid classes identified were triglycerides, free fatty acids, diglycerides and monoglycerides. Fatty acids found in the oil were palmitic, stearic, oleic, linoleic, punicic, catalpic, arachidic. Considering the experimental data, it may be suggested strongly that oil can be used for edible purpose after refining and blending with other edible oils, due to its physicochemical properties, lipid classes and health promoting fatty acid composition. Moreover, the oil is a good non-conventional source and helpful to decrease the demand of oil import, if the oil is used for edible purpose. The plant is locally available and its cultivation can be increased further by providing friendly climate. Good nutrient oil can be produced by blending the pomegranate seed oil with any other edible oil, with high nutritional value and better for the health of the consumers.