The invention discloses a novel sewing machine lubricant, which comprises the following raw materials: an oil-soluble friction improver, a surfactant, a water-soluble lubricant, a rust inhibitor, an antioxidant, a sterilizing agent, an antifoaming agent, an odor adjuster and a solubilizing auxiliary agent. The preparation method comprises: adding an oil-soluble friction improver to a container provided with a stirrer and a heating device, heating to a temperature of 75-80 DEG C, carrying out a thermal insulation reaction for 30 min, adding a surfactant, a water-soluble lubricant, a rust inhibitor, an antioxidant and a sterilizing agent, carrying out a thermal insulation reaction for 30 min, cooling to a temperature of 30 DEG C, finally adding a solubilizing auxiliary agent, an antifoamingagent and an odor adjuster, carrying out a reaction for 20 min, filtering, and packaging to obtain the finished product. According to the present invention, the novel sewing machine lubricant has characteristics of excellent lubricating performance, easy cleaning, low cost and no pollution to the cloth surface, is easily biodegraded by organisms, and is the special mineral-oil-free lubricant for knitting machine great circle machines and sewing machines.