The invention relates to a process for preparing lubricating agent which is used on high-speed conveyer belt production line such as PET bottles, glass bottles, tins and the like, which belongs to the preparation filed of chemical lubricating agent. The components and quality percentages of lubricating agent which are prepared by the process for preparation are that triethanolamine oleate 3-8%, triethanolamine 4-9%, LF-131 2-5%, isothiazolone 1-3%, polymaleic acid 0.5-2%, glucuronidase 4-9%, EDTA-2Na 4-10%, benzotriazole 0.5-2%, sodium dimethyl benzene sulfonate 0.5-2%, H2O 65-75%, the water-base chain lubricating agent has high lubricating property and excellent solubility, which has multinomial excellent properties such as hard water resisting, sterilization, low foaming, non corrosiveness, crack resistance, coagulability resistance and the like, when the lubricating agent is used in lubricating systems, the lubricating system can effectively reduce bottle inversing rate, improve workplace environment and prolong service span of chain mats.