The invention discloses corrugated roller bearing lubricating oil and relates to the technical field of lubricating oil. The corrugated roller bearing lubricating oil is prepared from, by weight, basic oil, dimethyl maleate, alkyl polyglucoside, kukui nut oil, modified methyl acrylate, sodium formate, carboxymethyl chitosan, an antioxidant, polyvinyl pyridine, nano Fe3O4 micro-spheres, polyvinyl acetate, SiO2 powder, a beeswax matrix, and plant extract oil. The corrugated roller bearing lubricating oil is made from safe and toxic-free raw materials and is free of environment pollution. The lubricating oil contains surface epoxidation groups, so that the lubricating oil is improved in reaction activity and is acid-resistant, alkali-resistant, heat-resistant, weather-resistant and high-stability, is easy to store and is free of corrosion. The lubricating oil fully fills a cavity of the corrugated roller bearing so as to reduce friction between parts and reduce the noise generated due to the friction in the interior of the corrugated roller bearing, thereby prolonging the service life of a corrugated machine bearing and reducing wear.