The invention provides a novel anti-friction and anti-wear cutting fluid which is prepared from the following raw materials in percentage by weight: 2.5% of sodium carbonate, 15% of triethanolamine, 2% of methylsilicone oil, 5% of polyethylene glycol, 5-25% of boric acid, 2-30% of glycerinum and the balance of deionized water. According to the novel anti-friction and anti-wear cutting fluid, glycerinum and boric acid are added, so that the novel anti-friction and anti-wear cutting fluid has a relatively good anti-friction effect of a tool; no harmful substances such as nitrite are contained, so that the novel anti-friction and anti-wear cutting fluid is healthy and environment-friendly; and the novel anti-friction and anti-wear cutting fluid is simple in preparation method and low in cost.