A lubricant composition comprising a fatty acid, or mixtures of fatty acids, a non-amine neutralizer, and an organic phosphate. The composition may optionally comprise a vegetable, mineral or animal oil or a synthetic ester. The lubricant is especially useful in surgical operations involving cutting, planing, or drilling bones or teeth for reducing pain and promoting quicker healing by reducing the cutting interface temperature due to friction heat produced during the operation. The lubricant is also useful in reducing pain after joint surgery involving bone or cartilage by the lubrication of the joint with the lubricant composition following the joint surgery by either leaving excess lubricant used in the joint during surgery or by injecting the lubricant into the joint after surgery. The composition is also useful for the lubrication of any object to be inserted into the body, such as a probe, catheter or gloved finger.