The invention discloses aqueous lubricating liquid for stamping, stretching and forming a cell phone battery shell, a preparation method and an application method thereof. The lubricating liquid comprises the following raw materials: 45# transformer oil, a non-ionic emulsifying agent, aqueous extreme-pressure lubricant, boric acid, an aluminum powder sinking agent, triethanolamine, isopropanolamine, synthetic petroleum sodium sulfonate, a branched chain phosphate aluminum protecting agent, a dicarboxylate based composite anti-rust agent, a butyl ether coupling agent, a hard water resistant agent, a defoaming agent and distilled water; the lubricating liquid is excellent in lubricating performance, anti-rust performance and settling performance, and the lubricating performance, the anti-corrosion performance and the cleaning performance are matched and stabilized for a long time, the antibacterial performance is good and the service life is long, the working liquid can be circularly added, the emission of the waste liquid is reduced, the environment cannot be polluted, and all indexes of 5% of diluent reach or exceed relative indexes of GB6144-2010.