The invention relates to a metal protection lubricant for preventing metals from being damaged when being machined and forged as well as a preparation method and an application of the metal protection lubricant. The metal protection lubricant comprises the following raw material components: lead glass, cordierite, Gr2O3, clay, methylcellulose and water. The metal protection lubricant not only isolates the external atmosphere to protect metal profile matrixes, but also functions as a good lubricant which has the abrasion reduction function in thermal deformation machining, the metal protection time is greatly prolonged, metal erosion is prevented, and moreover the metal protection lubricant can automatically drop off after being forged, so that later treatment procedures caused by coating are canceled, the protection of the properties of metals is sufficiently achieved, the forging quality is effectively improved, the surface effect in metal forming is optimized, and the quality of a product is improved, and the service life of a product, such as a die, which is forged in such a mode is prolonged, and therefore, the metal protection lubricant is applicable to popularization and application in relevant fields.