The invention relates to a high-lubricating rolling oil composition and application thereof. The composition is prepared from 40-90 parts of highly refined mineral oil, 10-30 parts of carbon dodecanol tetradecyl alcohol, isotridecyl alcohol, n-octanol, pentaerythritol oleate, trimethylolpropane trioleate, diisooctyl phthalate, 2-ethylhexyl palmitate, isooctyl stearate, methyl palmitate or butyl stearate, 1-5 parts of ZDTP, octadecyl zinc dithiophosphate, sulfurized olefin, sulfide aliphatic acid ester, sulfurized animal oil, alkyl sulfide or sulfur phosphorus molybdenum, 0.5-5 parts of amine thiophosphate, isooctyl acidic phosphate octadecylamine, tricresyl phosphate, tributyl phosphate, dibutyl phosphate and carbon-12 to carbon-14 acid phosphate compound ester, 0.1-5 parts of 2,6-butylated hydroxytoluene, N-phenyl naphthylamine, thioether phenol or alkyl diphenylamine and 0.01-2 parts of 1H-benzotriazole, thiadiazole derivative and benzotriazole.