The invention relates to an anti-corrosion rolling oil composition and application thereof. The composition is prepared from, by weight, 70-90 parts of a component a, 5-15 parts of a component b, 1-10 parts of a component c, 0.1-5 parts of a component d, 0.01-5 parts of a component e and 0.01-1 part of a component f, wherein the component a is deep refined mineral oil, the component b is selected from at least one of pentaerythritol oleate, trimethylolpropane trioleate, isooctyl palmitate, diisooctyl sebacate, dibutyl phthalate and branched-chain polyhydroxy alcohol fatty acid ester, the component c is selected from at least one of inactive sulfurized olefin, inactive sulfide aliphatic acid ester, tributyl phosphate, tricresyl phosphate, dibutyl phosphate, tricresyl phosphate, dibutyl phosphate, lauryl alcohol phosphate acid ester and amine-neutralized phosphate, the component d is selected from at least one of 2,6-butylated hydroxytoluene, N-phenylnaphthylamine, benzotriazole octadecylamine salt and alkyl diphenylamine, the component e is selected from at least one of alkenyl succinic acid, allyl succinate, sorbitan fatty acid ester, succinic acid alkyl half-ester and imidazoline, and the component f is selected from at least one of polyether, methyl silicone oil and polydimethylsiloxane.