The invention discloses a sealing lip applied to a rotating shaft and provided with oil return lines. The sealing lip making contact with the rotating shaft is provided with the two spiral oil return lines opposite in rotation direction, the screw pitch of each spiral oil return line ranges from 0.5 mm to 2.0 mm, the included angle between each spiral oil return line and the contact surface of the sealing lip ranges from 40 degrees to 55 degrees, and the vertical depth of each oil return line ranges from 0.2 mm to 0.5 mm. The invention further provides a lip sealing ring correspondingly. According to the sealing lip and the sealing ring, because the sealing lip is provided with the two oil return lines opposite in rotation direction, an oil film dynamically balanced constantly exists on the surface, making contact with the rotating shaft, of the sealing lip through the pumping effect of the two oil return lines no matter the rotating shaft rotates forward or reversely, abrasion of the sealing lip is reduced, backflow of oil is realized when the rotating shaft rotates, and the oil can be sealed better for the rotating shaft.