The purpose of this study is to develop a cold rolling oil with lubricity and mill cleanness property under the rolling conditions of high reduction ratio and high rolling speed. Six kinds of oil samples were blended. Evaluation of lubricity and anti-seizuro property of the samples were carried out with a laboratory scale rolling mill, where the contact conditions between work roll and strip are very close to actual cold rolling mill. Laboratory evaluation for dispersion, contamination, anti-oil stain property and residual carbon, etc. were carried out with several testers such as longterm circulation tester, Coulter counter and Conradson tester. A new high speed cold rolling oil with good lubricity and mill cleanness property was developed compared with the previously developed rolling oil.