Flaxseed oil cake (FOC) was evaluated as a potential substrate for the production of a novel kefir-like fermented beverage. Three variants containing 5%, 10%, and 15% (w/w) of FOC were inoculated with kefir grains and incubated at 25 °C for 24 h. After processing, beverages were stored in refrigerated conditions (6 °C) for 21 days. Changes in microbial population, pH, acidity, levels of proteins, polyphenolics, flavonoids, ascorbic acid, and reducing sugars were estimated. Additionally, viscosity, firmness, color, and antioxidant properties were determined. Results showed that lactic acid bacteria as well as yeast were capable of growing well in the FOC without any supplementation. During refrigerated storage, the viability of the microorganisms were over the recommended minimum level for kefir products. As a result of fermentation, the beverages showed excellent antioxidant activity. Because of the functional characteristics conferred to the FOC beverages, the use of kefir grains showed adequate potential for the industrial application. Therefore, this beverages could be used as a new, non-dairy vehicle for beneficial microflora consumption, especially by vegans and lactose-intolerant consumers.