A lubricant composition provided by the present invention is characterized in that it is prepared from ricinoleic acid, rare earth oxide, boric acid, phosphoric acid, and diethylaminoethanol, and the ratio of parts by weight of the components is: ricinoleic acid 100; rare earth oxide 8‑10; boric acid 5‑8; phosphoric acid 3‑5; diethylaminoethanol 5‑8. The lubricant composition prepared by the present invention is a boron-phosphorus-rare earth type friction modifier and antirust agent. Because ricinoleic acid has the characteristics of -OH, -COOH and unsaturated bonds and C long chains, it is also a A good surfactant. The present invention also provides a lubricant composition for preparing a micro lubricant, which is characterized in that it also contains isononyl isononanoate, sodium cocoyl glutamate, castor oil maleate, propylene glycol alginate, myristate Alcohol and other components. The micro-quantity lubricant prepared by the invention can meet the lubricating cooling, extreme pressure anti-wear and anti-rust requirements of metal processing; when used with a micro-quantity lubrication device, the amount of lubricant used can be saved by more than 90%.