A novel canola variety designated NS7206 and seed, plants and plant parts thereof. Methods for producing a canola plant that comprise crossing canola variety NS7206 with another canola plant. Methods for producing a canola plant containing in its genetic material one or more traits introgressed into NS7206 through backcross conversion and/or transformation, and to the canola seed, plant and plant part produced thereby. Hybrid canola seed, plant or plant part produced by crossing the canola variety NS7206 or a locus conversion of NS7206 with another canola variety.