Abstract: A lubricant composition comprising (a), a water-based lubricant which comprises a substantially oil-free, aqueous, emulsion-free composition of a matter comprising a major amount of water, a minor but effective amount of at least one substantially water-insoluble oil-soluble functional additive stably dispersed therein, and a minor but effective amount of at least one substantially water-soluble, liquid organic dispersing agent which is capable of dissolving the functional additive and of stably dispersing the functional additive in the composition, (b), a particulate solid lubricant suspended in the water-based lubricant and uniformly dispersed therethrough, and (c), a thixotropic thickener which maintains the solid lubricant in suspension in the water-based lubricant.