The invention discloses a metal cutting fluid with good rust prevention and mildewproof effects. The metal cutting fluid is characterized by being prepared from raw materials in parts by weight as follows: 6-8 parts of inositol hexaphosphate, 1-2 parts of 2-mercaptobenzothiazole, 1-2 parts of ditetradecyl thiodipropionate, 2-3 parts of EDTA (ethylene diamine tetraacetic acid) disodium salt, 5-7 parts of glycerin, 2-3 parts of monoethaneamine benzoate, 1-2 parts of a silane coupling agent KH-550, 1-2 parts of sodium carbonate, 4-6 parts of coconut oil, 2-3 parts of sodium alkyl benzene sulfonate, 1-2 parts of sodium hydroxide, 3-5 parts of polyether polyol, 5-7 parts of an auxiliary and 150-180 parts of water. The auxiliary added to the cutting fluid enhances the dispersion, lubrication and film-forming property of the cutting fluid; the added inositol hexaphosphate has excellent rust prevention capability, forms a compact monomolecular film on the surface of metal, effectively resists metal corrosion and rusting, has long maintaining time and remarkable effect and is non-toxic and environment-friendly; the added 2-mercaptobenzothiazole has good sterilization and corrosion resistance capability, invasion of microorganisms, bacteria and the like is resisted, deterioration is prevented, and the storage time is long; and the prepared cutting fluid has a wide application prospect.