The invention discloses a stearic acid soap paper coating lubricant, which is composed of, based on weight percent, the following ingredients of: 44.5%-51.5% of the stearic acid soap, 2%-2.5% of an oleic acid, 2%-3% of an emulsifier, 0.3%-0.4% of a pH value regulator, 1%-2.2% of an antifreezing agent and 41%-50% of water. The stearic acid soap paper coating lubricant prepared by the invention has the viscosity of 50-150 MPa.s, the solid content of 50%-57% and the pH value of 9-12; compared with the present product, the inventive lubricant has the advantages of small particle diameter, low viscosity, high content of stearate, therefore, the invention is good in stability, high in emulsifying efficiency of the emulsifier, low in production cost, easy in being dispersed in the process of the use, and suitable for high-speed coating technology.