The lubricating oil composition of the invention includes a base oil composed of mineral oil and/or synthetic oil, an amine antioxidant (A-1) in an amount of 800 ppm or more as reduced to the total amount of nitrogen, and a compound containing phosphorus and/or sulfur (A-2). The invention provides a compressor oil which realizes thermal/oxidation stability, resistance to sludge formation, lubricity, long service life, and water separation at high levels.