Anti-wear and/or friction reducing formulations that include a mixture of at least one first ionic liquid and at least one ashless antiwear compound. The ashless antiwear compound can be a second ionic liquid or an ashless thiophosphate compound. The formulation desirably provides synergistic anti-wear and/or friction reducing properties. The first IL can be a monocationic ionic liquid or a dicationic ionic liquid. The second IL is a dicationic ionic liquid. The ashless thiophosphate is desirably a thiophosphate, such as a fluorothiophosphate (FTP), an alkylphosphorofluoridothiolate, or an alkylthioperoxydithiophosphate. Antiwear and/or friction reduction formulations comprising the above mixtures diluted up to 25% by weight in a base oil.