The invention relates to a high-water-resistance high-lubricating rolling oil composition and application thereof. The composition is prepared from, by weight, 70-92 parts of component a which is highly refined mineral oil, 5-20 parts of component b selected from at least one of pentaerythritol oleate, trimethylolpropane trioleate, ethylhexyl palmitate, isooctyl stearate, dibutyl phthalate and branched chain type polyhydroxy alcohol fatty acid ester, 1-5 parts of component c selected from at least one of inactive sulfurized olefin, inactive sulfide aliphatic acid ester, sulfurized animal oil and alkyl sulfide, 1-10 parts of component d selected from at least one of tributyl phosphate, tricresyl phosphate and dibutyl phosphate, 0.1-5 parts of component e selected from at least one of 2,6-butylated hydroxytoluene, N-phenyl naphthylamine, 1H-benzotriazole and alkyl diphenylamine, and 0.01-1 part of component f selected from at least one of polyether, methyl silicone oil and polydimethylsiloxane.