The invention discloses a lubricating oil used for bearings. The lubricating oil comprises, by weight, 60-75 parts of mineral base oil, 2-5 parts of zinc dithiosulfate, 8-10 parts of chlorinated paraffin, 6-8 parts of diallyl alkyl phosphate, 3-5 parts of hydroxyl silicone oil, 1-3 parts of diallylalkyl phosphate, 2-5 parts of polyalkoxy polyphenol, 4-9 parts of alkyl diphenylamine, 2-6 parts of butyloctyl diphenylamine, 5-12 parts of diethylene triamine penta(methylenephosphonic acid), 4-9 parts of dialkenyl succinimide, 10-15 parts of modified acrylic acid, 2-5 parts of sodium citrate, 3-6 parts of succinimide, 4-10 parts of chlorinated polyethylene, 10-14 parts of succinate ester, 12-20 parts of dodecenylsuccinic acid and 3-9 parts of anhydrous ethanol. Compared with lubricating oils in the prior art, the lubricating oil disclosed in the invention has the advantages of great reduction of the friction force of the bearings, reduction of damages of the bearings in the use process, reduction of temperature rising in the use process, prolong of the service life of the bearings, and realization of no generation of toxic substances in the use process, and can prolongs the life of the bearings by 60% or above.