The present invention discloses an environmental-protection lubricating water-based cutting fluid, which comprises the following raw materials by weight: 8-20 parts of sodium abietate, 15-25 parts of a rosin amine glucose ester surfactant, 5-10 parts of rosin amine polyoxyethylene ether, 12-18 parts of a polyaniline aqueous anti-corrosion agent, 5-15 parts of triethanolamine oleate, 3-8 parts of triethanolamine, 3-10 parts of diisopropanolamine, 10-15 parts of sodium carbonate, 5-15 parts of hydrophilic alcohol, 3-6 parts of a sterilization agent, 2-5 parts of a foaming agent, 3-10 parts of a stabilizer, and 80-100 parts of water. The environmental-protection lubricating water-based cutting fluid has functions of excellent cleaning, excellent lubrication, excellent corrosion resistance and excellent cooling, and further has characteristics of environmental protection, long service life, good water solubility, low cost, and high stability.