Myrica rubra seed oil (MRSO) is a by-product of comprehensive processing and utilization of myrica rubra and has high nutritional value to human body. However, there are few researches on odor, physicochemical properties, stability, and functional nutrition of MRSO, especially compared with other vegetable oils. The characteristics of MRSO in terms of odor, physical and chemical indicators, fatty acid composition, etc., compared with other vegetable oils were studied in our paper. In addition, Oxidative stability and antiproliferative activity of MRSO were studied. The research showed that MRSO maintained lower free fatty acids content in comparison with the other vegetable oils, and was rich in unsaturated fatty acids and contained 2.48% of C22:2, which was not found in other vegetable oils. MRSO had the greatest effects on inhibiting the growth of HepG-2 and HT-29 by as much as 46% and 57% at 96 h. The findings demonstrated that MRSO is an edible oil with high nutritional value, and can be further processed to obtain oil products with high added value.