An increasing interest has been reported regarding the reintroduction of flax in the Mediterranean region. The aim of this present study was to evaluate the effects of nitrogen (N) fertilization on the performance of flax cv. Everest, under Mediterranean climate conditions. A two-year study was carried out in 2018–2019, in Western Greece. The experiment was set-up in a randomized complete block design with four replications and six treatments of different N fertilization rates (0, 20, 30, 40, 50, and 60 kg N ha−1). Measurements included plant biomass, the leaf area index (LAI), the yield, and the Growth Degree Days (GDDs) required for full seed maturity. The N uptake of flax was also evaluated utilizing the Nitrogen Harvesting (NHI) and Nitrogen Utilization Efficiency (NUtE) indices. Although the highest fertilization rate (60N) increased the yield by 35.4% (2018) and 23.1% (2019), a GDDs and N indices assessment revealed that it noted the lowest efficiency and may lead to significant yield losses, as it significantly prolonged the crop cycle. On the contrary, even though fertilization rates of 20 and 30 kg N ha−1 increased the yield only by 7% and 15% (on average), they were more efficient, and prolonged the crop cycle less (compared to 60N).