A lubricant for hot-rolling tools in which an oxide-based laminar compound such as potassium tetrasilicic mica, sodium tetrasilicic mica, vermiculite, and bentonite, a boric acid compound such as boric acid, potassium borate, and sodium borate, and graphite are dispersed and dissolved in water, and in which the blending proportion of the oxide-based laminar compound to the boric acid compound is, in mass ratio, 10:90 to 70:30, and the content of the graphite is 1.0 to 4.5%. Applying this lubricant on the surface of the mandrel bar at the time of mandrel mill rolling enables a lubricating film to be formed on the surface of the bar and to exert excellent seizure resistance, and also allows the lubricant to be immune from remaining in the inner surface of tube.