Aging oil, a by-product of oil field surface production, has complex interface characteristics and is difficult to be dehydrated. Using aging oil to develop drilling fluid lubricant can make use of its emulsifying stability and avoid the problem of removing mud, sand and water from aging oil.Through a large number of experiments, the key emulsifier of drilling fluid lubricant based on aging oil is OP-4, the wetting agent is ABS, and the stabilizer is Na-CMC. The experiment determines that the best formula of the drilling fluid lubricant is 100ml drilling fluid + 3ml aging oil + 1.5g OP-4 + 0.15g ABS + 0.015gNa-CMC. Through the benchmarking national standard experiment, the developed drilling fluid lubricant based on aging oil meets the requirements for lubricants in the standard. Using aged oil as base oil to develop drilling fluid lubricant is a feasible resource treatment scheme for aged oil, which has great application value.