The invention discloses a lubricant composition for cold-stretch-reducing of chromium alloy pipes. 10# total loss system oil is adopted as base oil and compounded with various additives including an oiliness agent, an extreme pressure agent, an anti-wear agent, an anti-oxidant, a defoamer, a friction modifier, an enhancer and an assistant. The lubricant composition has relatively strong adsorption, diffusion, infiltration, running, anti-wear and bearing capacities, ensures that a layer of uniform continuous oil slick is formed on the surface of a pipe and keeps a certain thickness and strength to reduce the friction coefficient during process, reduces adhesion and coking between the pipe and equipment and surface defects of the pipe, ensures high specification and dimension precision, has relatively good lubricating, cooling, cleaning, environment-friendly and oxidative stabilizing properties.