The invention discloses water-based lubricating oil. The water-based lubricating oil is prepared from the following substances in parts by weight: 60-80 parts of water, 7-10 parts of zinc diammonium ethylenediaminetetraacetate, 4-8 parts of N,N-diisopropylethanolamine, 10-15 parts of polyoxyethylene polyoxypropylene ether, 7-12 parts of histamine phosphate, 3-6 parts of chloroquine phosphate, 10-15 parts of 4-methylsalicylic acid, 12-15 parts of hexamethyl disiloxane, 10-18 parts of polyethylene glycol, 7-10 parts of 2-hydroxyl-4-dodecaoxydiphenylketone, 5-10 parts of nalidixate sodium, 2-6 parts of potassium ethyl xanthate, 3-8 parts of dimethylaminoborane and 3-7 parts of 1,3,5-trimethylpyrazole. The water-based lubricating oil takes water as a carrier and a plurality of chemical components are added, so that the lubricating performance of the water-based lubricating oil is improved.