The invention relates to modified nano material lubricating oil which is prepared from hydrogenated base oil, a compound dispersant, a solid lubricant agent and a synergist. The hydrogenated base oil is 150 N or 250 N base oil, the solid lubricant agent is prepared from graphite below 3 um and molybdenum disulfide, the compound dispersant is prepared from polyisobutylene succinimide, boronized polyisobutylene-bis-succinimide, polyisobutylene, an ethylene-propylene copolymer, synthetic petroleum sodium sulfonate, polymethacrylate and poly-alpha olefin through compounding, and the synergist is an extreme-pressure agent, an oxidation and corrosion inhibitor, a defoaming agent or a tackifier. The lubricating oil contains, in percentage, 50-80% of the hydrogenated base oil, 0.5-1% of graphite, 1-5% of molybdenum disulfide, 6-12% of the compound dispersant and 6-15% of the synergist. The product can reduce the mechanical friction, repair abraded portions and prolong the service life of equipment, and the lubricating oil has the good effect of oil saving rate up to 5-15% when applied to a vehicle engine.