The invention relates to a lubricating oil and especially relates to an antioxidant anticorrosion lubricating oil composition. The antioxidant anticorrosion lubricating oil composition comprises, by weight, 65-70% of mineral base oil, 5-8% of zinc dialkyl dithiophosphate-T202, 2-3% of zinc dialkyl dithiophosphate-T203, 2-3% of zinc dialkyl dithiophosphate-T204, 5-8% of thiadiazole derivative, 6-11% of polyvinyl-N-butylether, 6-8% of dialkenyl succinimide, and 0.5-1% of a pour point depressant. The antioxidant anticorrosion lubricating oil composition adopts easily available raw materials, can be produced by simple processes, is convenient for preparation, has wear, oxidation and corrosion resistance, can prevent metal oxidation and catalysis aging, delays an oil product oxidation speed, prevents contact between an acidic object and metal, produces a protection film, has wear resistance, maximally reduces engine fault caused by lubrication and prolongs an engine service life.