The invention provides modified vegetable oil which is obtained by the following method: mixing alcohol and tetrabutyl titanate with the vegetable oil; carrying out reaction at the temperature of 20 to 80 DEG C; after the reaction, separating the remnant alcohol to obtain the modified vegetable oil. Compared with the unmodified one, the modified vegetable oil greatly improves oxidation stability and extreme pressure anti-wear, and broadens the application prospect of the vegetable oils in various fields.