The invention discloses lubricating oil for stamping and stretching a stainless steel plate and a production method. The raw materials are as follows, by mass percentage, 1-6% of chlorcosane, 4-14% of dibutyl phosphite, 1-12% of sulphurized sperm oil, 0.1-1.0% of 2,6-di-tert-butyl phenol, 1-6% of polybutyl vinyl ether, 1-5% of lead naphthenate, 1-16% of oleic acid triethanolamine (1:1.5), 0.1-1.0% of simethicone, 10-30% of transformer oil and the balance machine oil. The production method includes adding the machine oil and the transformer oil into a reaction kettle, heating to 48 to 52 DEG C, starting a blender with rotary speed of 60 turns/minute, adding chlorcosane, dibutyl phosphite, sulphurized sperm oil, lead naphthenate, oleic acid triethanolamine (1:1.5), 2,6-di-tert-butyl phenol, polybutyl vinyl ether, polybutyl vinyl ether and simethicone which are calculated and weighed sequentially into the reaction kettle, stirring for 2-3 hours continuously, dissolving, cooling to room temperature, discharging and packaging.