Provided is a lubricating oil for continuously variable transmissions characterized by that used as a base oil are a synthetic oil I having the following properties: (a) a traction coefficient at 120° C. is 115% or more of that of 2,4-dicyclohexyl-2-methylpentane, (b) a viscosity at −40° C. is not higher than a viscosity (260 Pa·s) of 2,4-dicyclohexyl-2-methylpentane and (c) a viscosity index is 65 or higher and a synthetic oil II having a viscosity of 1 Pa·s or lower at −40° C. and that the above base oil has a specific property. The above lubricating oil is a lubricating oil for continuously variable transmissions which has a high traction coefficient even at high temperature and is endowed with a good low temperature fluidity and which is suited as a lubricating oil for continuously variable transmissions for automobiles.