The invention relates to an environmentally-friendly water-soluble non-oil metal rust-inhibiting lubricant which is characterized by comprising the following materials in percent by weight: 30% of amine borate, 5% of sodium gluconate, 2% of sodium molybdate, 20% of monoethanolamine, 13% of polyethylene glycol, 5% of ethanol, 15% of glycerol and the balance of deionized water. An organic metal corrosion inhibitor and an inorganic metal corrosion inhibitor are compounded and blended into the rust-inhibiting lubricant, thus the modern civilization production requirements for low energy consumption, low pollution, low emission and high environment friendliness are met. The lubricant has the four functions of inhibiting rust, removing rust, lubricating and washing and is a high-efficiency maintaining agent which is used for the production, storage, maintenance and repair of a variety of mechanical equipment, precision instruments and parts and component and can be used for keeping the metal product in the optimum work state so that the service life of the metal product is prolonged. The detection of the Shenyang Disease Control Center shows that the LD50 (lethal dose, 50%) is more than10,000mg/Kg, and the fishes and shrimps can live and propagate normally in 1 per mill aqueous solution.