The invention relates to a lubricating oil having good oxidation resistance and specially used for dual-fuel engines. The lubricating oil comprises, by mass, 50-63 parts of base oil, 1.5-3.8 parts of nonylphenol polyoxyethylene ether, 1-7 parts of polyvinyl ether, 11-18 parts of poly-alpha-olefin, 10-20 parts of overbased synthetic calcium sulfonate, 1-3 parts of calcium alkylbenzene sulfonate, 1-3 parts of zinc butyl octyl dithiophosphate, 2-5 parts of salicylate, 4-8 parts of trilinolein, 1-5 parts of trimethyl decane, 3-8 parts of sulfurized calcium alkyl phenolate, 1-6 parts of calcium alkylbenzene sulfonate, 5-9 parts of acetophenone, 10-16 parts of glycerol, 6-10 parts of disodium ethylene diamine tetraacetate, 4-6 parts of modified polysiloxane, 0.7-2.5 parts of a composite antioxidant, and 1-3 parts of a metal deactivator. The lubricating oil has excellent oxidation and abrasion resistance.