Abstract: A graphite-free lubricating oil which comprises a base oil having dispersed therein 10 to 40% by weight of a carbohydrate and/or a derivative thereof whose particle size ranges from 10 to 150 .mu.m, 2 to 20% by weight of a film-boosting agent and 0.1 to 20% by weight of a dispersant. Moreover, the lubricating oil is free of black-colored substances such as graphite. Therefore, the oil permits the improvement of working surroundings and exhibits excellent properties such as formability through forging almost comparable to or even greater than that of the commercially available graphite-in-oil type lubricating oils. The lubricating oil can be used instead of the graphite-containing lubricating oils for warm forging, hot forging, rolling, tube-manufacturing, drawing and extrusion in place of the graphite-containing lubricating oils and ensures the improvement in the working surroundings and excellent lubricity.