The invention discloses a metal cutting fluid with an excellent extreme pressure property. The metal cutting fluid comprises the following raw materials in parts by weight: 20-50 parts of palm oil, 5-15 parts of a modified compound extreme pressure additive, 4-8 parts of modified molybdenum disulfide, 3-5 parts of xanthate, 2-5 parts of pentaerythritol oleate, 1-3 parts of neopentyl polyol ester, 2-5 parts of fatty acid imidazoline borate, 3-6 parts of diethanolamide oleic acid borate, 2-5 parts of barium petroleum sulfonate, 4-6 parts of heptadecyl imidazoline, 1-3 parts of phytic acid, 3-5 parts of sodium nitrite, 1-4 parts of benzotriazole, 3-6 parts of boric acid, 2-5 parts of dimer acid potassium, 4-8 parts of sodium oleate, 3-6 parts of diethylene glycol, 2-5 parts of dialkyl ether amine, and 8-12 parts of water. The metal cutting fluid has an excellent extreme pressure property.