The invention discloses a preparation method for a lubricating oil composition containing ionic liquid, modified nanometer copper powder and graphene. The method comprises the following steps: compounding base oil, a detergent, a dispersant, a preservative, an extreme-pressure antiwear agent, an oiliness agent, an antioxidant, a viscosity index improver, an antirusting agent, a depressant, an antifoamer, the ionic liquid, the modified nanometer copper powder and the graphene so as to obtain the lubricating oil composition containing the ionic liquid, the modified nanometer copper powder and the graphene. The method in the invention has the advantages of simple and practicable production process, small equipment investment and low energy consumption, is pollution-free to the environment and is favorable for popularization and application. The lubricating oil composition prepared by using the method in the invention can be widely applied in the industrial fields of mechanical industry, automobile industry, precision instruments, electric power industry, metallurgy industry, die manufacturing and application industry, iron and steel industry, machine tool industry, etc., and has broad application prospects.