Abstract: Disclosed are phosphate ester base fluids and aircraft hydraulic fluids containing a novel combination of phosphate ester components. The disclosed aircraft hydraulic fluids contain from about 30 to about 45 weight percent, based on the total weight of the fluid, of tri-iso-butyl phosphate; from about 30 to about 45 weight percent, based on the total weight of the fluid, of tri-n-butyl phosphate; from about 10 to about 15 weight percent, based on the total weight of the fluid, of one or more triaryl phosphates; and an effective amount of a viscosity index improver, an acid control additive and an erosion inhibitor.