The invention discloses water displacement type steel plate lubrication and rust prevention oil. The water displacement type steel plate lubrication and rust prevention oil is obtained by adding an antirust agent, a lubricant, a pour point reducer and an antioxidant to mineral oil, and used for sealing storage of cold-rolled steel coils and rust prevention of intermediate processes. The greatest advantage of the water displacement type steel plate lubrication and rust prevention oil is high water displacement property; by the adoption of the water displacement type steel plate lubrication and rust prevention oil, a small amount of moisture left on a leveled cold-rolled sheet can be separated from the sheet by means of an antirust additive with high adsorbability and small surface tension, so that a rust prevention effect is well realized; meanwhile, degreasing can also be achieved, degreasing rate reaches 80%, and follow-up processing can not be affected; rust prevention time is long, no oil patch residue is left, low temperature resistance is realized, environment friendliness is realized, no odor is generated, cost is reasonable, price is moderate, and extensive use can be conducted; the frequency of rust prevention maintenance can be reduced, maintenance cost can be reduced, environment friendliness and safety are realized, and three-waste emission is avoided in production and use.