The invention discloses cold rolling lubricating oil for cold machining of a metal, which is characterized in that the cold rolling lubricating oil is prepared from the following raw materials in parts by weight: 40-60 parts of additive-free impeller oil, 10-25 parts of zinc stearate ester, 5-15 parts of tallow, 0.5-2.5 parts of phosphate, 1.0-12 parts of maleic acid/isonbutene copolymer potassium salt and 0.1-1.0 part of antioxidant. The cold rolling lubricating oil has the characteristic of good antifriction, and can prevent seizing, thereby meeting the requirement of large-deformation rolling; by using the cold rolling lubricating oil, the roller is effectively prevented; and the surface finish quality of a slab is improved, the cooling property is good, the stress influence on the slab and the roller is effectively controlled because of the rising of temperature, the temperatures of the slab and the roller are reduced, the service life of the roller is prolonged, the washing property is good, the slab and the roller can be fully cleaned, the pollution of iron powder on the slab and roller can be eliminated, the quality of the slab is effectively improved and the corrosion resistance is good.