The invention relates to a preparation process of lubricating oil with high wear-resistant extreme pressure and wear-resistant antifriction property. The preparation process comprises the following steps: mixing 35%-45% of hydroisomerization dewax type-III base oil with 35%-45% of poly-alpha olefin PAO, stirring at a uniform speed, heating the mixture to 48-58 DEG C within 10 minutes, and thermally insulating for 20 minutes, so as to obtain base oil; preparing a tungsten disulfide particle additive, adding the tungsten disulfide particle additive into the base oil, and stirring at a uniform speed for 15 minutes, wherein tungsten disulfide particles account for 1.5%-2.5% of the total components; preparing a nitrogen-containing boric acid ester additive, and stirring at a uniform speed for 15 minutes; adding a viscosity index improver, thermally insulating, stirring until the kinematic viscosity and the pour point meet standards, and continuing to thermally insulate; adding 2%-3% of a clean dispersing agent; adding 1.5%-2% of an oxidation and corrosion inhibitor; adding 0.3%-0.7% of a pour point depressant; adding 0.01% of an antifoaming agent; and continuing to stir at a uniform speed, heating to 62-66 DEG C within 10 minutes, and thermally insulate for 30 minutes, so as to obtain a finished product.