The invention discloses a low toxicity and low fluorescence lubricant for drilling fluid. The lubricant consists of the following components by weight: 50-90 parts of base oil, 5-30 parts of an emulsifier, 2-5 parts of a penetrant, 1-5 parts of a condensation point modifier and 2-10 parts of an extreme pressure agent. The preparation method is as below: adding 50-90 parts of base oil into a reactor, stirring and heating to 40-50 DEG C, then adding 5-30 parts of an emulsifier for an emulsified reaction, stirring for 1 h, raising the temperature to 50-60 DEG C, adding 2-5 parts of penetrant, stirring for 30 min, then adding 2-10 parts of the extreme pressure agent, continuing stirring for 30 min, stopping heating, then adding 1-5 parts of the condensation point modifier, cooling with stirring to room temperature, and pouring the lubricant out of the reactor. The lubricant provided by the invention has the advantages of low toxicity, low fluorescence, high lubrication efficiency, high temperature toleration and no foaming, and can satisfy the requirements of different wells such as large displacement well.