In this study, eight cultivars of hempseed were collected from different regions of China for analysis of physiochemical properties and chemical composition, as well as for seed indexes and proximate composition of seed kernel. The results indicated that Yunma No. 1 and Bama Huoma, with more than 50% oil and 30% protein in dehulled seed, could be considered as oil extraction material and protein source with respect to kernel yield. Iodine values ranging from 153.6 to 169.1 g/100 g reflected the high degree of unsaturation. The concentration of unsaturated fatty acids exceeded 90%, higher than most conventional vegetable oils. Moreover, polyunsaturated fatty acids ranged from 76.26% to 82.75% and were mainly composed of linoleic acid and α-linolenic acid with a ratio close to 3:1. γ-Tocopherol was found at an average concentration of 28.23 mg/100 g of hempseed oil. The results indicated that hempseed oil is a potentially valuable vegetable oil.