The invention discloses that hydrocarbon lubricants containing olefinic unsaturation participate in an olefin metathesis reaction with alkenes containing polar functional groups to provide an equilibrium mixture containing hydrocarbon lubricants containing the polar groups of the alkenes. The discovery is particularly applicable to the functionalization of near linear lubricants prepared from the oligomerization of propylene using surface deactivated zeolite or lubricants prepared by the oligomerization of C.sub.6 -C.sub.20 alpha olefins using coordination catalyst. Functionalized groups can be incorporated that impart a wide range of properties to the lubricant such as anti-wear or anti-corrosion resistance, or improve the compatibility of the lubricant with other additives.