The most common reason players craft Flint and Steel is to open the Nether. Build a valid obsidian frame, leave the inside empty, then use Flint and Steel on the inner edge of the frame. If the frame is correct, the portal blocks appear immediately.
If nothing happens, check the frame before blaming the tool. Missing obsidian corners are allowed on many portal shapes, but the vertical sides and top/bottom edges must still form a valid frame. Water, blocks, or broken obsidian inside the portal space can also stop activation.
Flint and Steel is also useful after you reach the Nether. Ghasts can break portal blocks, and carrying a spare Flint and Steel lets you relight the portal without searching for fire charges or another ignition source.