The invention discloses a lubricant composite for a permalloy cold forging processing technology. According to the lubricant composite, an MVI90BS base oil with the mass ratio of five sixths and alkyl naphthalene with the mass ratio of one sixth are compounded to serve as a base oil, and a variety of composite additives are added. The composite additives comprise an antioxidant, a metal deactivator, an oiliness agent, a friction modifier, an extreme pressure agent, an antiwear agent, an anti-foaming agent, an antirust agent, a tackifier and the like. The composite is excellent in lubricating property, good in diffusion property and leanability, great in oil film thickness and strength, good in cooling property and scuffing and scratching resistance, high in surface smoothness and long in corrosionproof period.