The invention discloses an extreme pressure lubricating metal cutting fluid, which comprises the following raw materials by weight: 20-50 parts of cycloalkyl silicone oil, 5-15 parts of a modified anionic surfactant, 2-6 parts of borax, 3-6 parts of diethanolamine, 1-5 parts of boric acid, 2-6 parts of heptanoic acid, 3-6 parts of oleic acid, 1-4 parts of polyoxyethylene stearyl phosphate, 2-5 parts of polyoxyethylene phenyl phosphate, 1-3 parts of maleic anhydride, 2-6 parts of dodecyl ammonium benzene sulfonate, 3-5 parts of sodium alkylsulfonate, 1-4 parts of fatty alcohol polyoxyethylene ether, 2-6 parts of sodium benzoate, 3-5 parts of an antifoaming agent, 1-5 parts of methyl benzotriazole, 2-6 parts of an antirust additive, 1-4 parts of an anticorrosive bactericide, and 3-9 parts of water. The metal cutting fluid of the present invention has advantages of excellent extreme pressure lubricating performance, excellent lubricating performance, excellent cooling performance, excellent corrosion resistance, and excellent rust resistance.