Abstract: Regenerated lubricating oil for aluminum rolling was obtained by vacuum distillation of waste rolling oil. The physico-chemical properties, chemical composition, tribological properties and oxidation stability of the regenerated rolling oil were analyzed and compared with those of fresh rolling oil and rolling oil in use. Results showed that the physico-chemical properties and tribological performance of the regenerated rolling oil could reach the requirements of aluminum rolling, and large molecules in regenerated rolling oil were less than those of rolling oil in use. However, the oxidation stability of regenerated rolling oil still needed to be improved. By adding antioxidant the oxidation stability of regenerated rolling oil met the requirement of aluminum rolling, since then, the regenerated rolling oil could be recycle with assurance of aluminum product quality.