The invention discloses superfine oil for abrasive machining of a high-lubrication and high-water-separability bearing. The superfine oil consists of mineral oil, polymeric carboxylic acid, organic amine, a surfactant, a synthetic lubricant, an anticorrosive agent, an extreme-pressure additive and an antioxidant. The superfine oil has an excellent lubricating property, a Bouton tester is used fortesting, and a friction coefficient value of raw oil is less than or equal to 0.1; the superfine oil has excellent water separability, and the separation time of oil and water is less than or equal to 10 min (50 ml of sample is added into 50 ml of water, and the mixture is turned for 10 times); and raw materials in a formula are not toxic and harmful substances which influence the environmental safety and human health, the biological median lethal dose LD50 of the product is more than or equal to 5,000 mg / kg, the median lethal concentration LC50 is more than or equal to 5,000 mg / m<3>, the respiratory mucosa irritation is less than or equal to class 1, and the superfine oil has reliable safety and sanitation quality.