Abstract: A lubricating composition possessing properties highly suitable for warm and hot forging has an ultrahigh molecular polyethylene powder possessing a molecular weight of not less than 1,000,000 dispersed and contained in a medium of water or oil; has an ultrahigh molecular polyethylene powder possessing a molecular weight of not less than 1,000,000 and an inorganic solid lubricant of a white or light color dispersed and contained in a medium of water or oil; or has an ultrahigh molecular polyethylene powder possessing a molecular weight of not less than 1,000,000 and a polyethylene oxide powder possessing a melting point in the range of 80.degree. to 120.degree. C. dispersed and contained in a medium of water.