An ionic liquid composition having the following generic structural formula: wherein Z is N or P, and R1, R2, R3, and R4 are independently selected from hydrogen atom and hydrocarbon groups having one to four carbon atoms with optional interconnection to form a cyclic group that includes Z, and wherein R1, R2, R3, and R4 are all hydrocarbon groups when Z is P, and X− is a phosphorus-containing or carboxylate anion, particularly an organophosphate, organophosphonate, or organophosphinate anion, or a thio-substituted analog thereof containing hydrocarbon groups with at least three carbon atoms. Also described are lubricant compositions comprising the above ionic liquid and a base lubricant, wherein the ionic liquid is dissolved in the base lubricant. Further described are methods for applying the ionic liquid or lubricant composition onto a mechanical device for which lubrication is beneficial, with resulting improvement in friction reduction, wear rate, and/or corrosion inhibition.