A method of drilling a through-hole in a printed circuit board panel, which comprises placing a water-soluble lubricant sheet on one surface or each of two surfaces of a printed circuit board panel and drilling a through-hole through the printed circuit board panel, the water-soluble lubricant sheet being composed of a mixture of 20 to 90% by weight of a polyethylene glycol having a weight average molecular weight of not less than 10,000 with 10 to 80% by weight of a water-soluble lubricant and having a thickness of 0.05 to 3 mm.