Corn oilcorn oil is a healthy edible oil which we use commonly in our corn oil is oil extracted from the germ of corn. Its main use is in cooking, where its high smoke point makes refined corn oil a valuable frying oil. It is also a key ingredient in some margarines.cooking, like canola oil or safflower oil. Corn oil is quite a healthy oil because it is composed mainly of polyunsaurated fatty acids (pufas ) and low on saturated fat. It is also used in skin care and hair care, besides many other industrial applications.