The present invention provides a lubricating oil composition capable of achieving a lubricating property, a thermal stability, an oxidation stability, an anti-discoloring property and an anti-varnishing performance with a higher level by compounding a phosphorus compound having a specific structure in a base oil, as well as a lubricating oil composition for internal combustion engines which is excellent in wear resistance, high-temperature detergency and base number retention property although it has a low phosphorus content, a low sulfur content and a low sulfated ash content.