The invention discloses a water-soluble aluminum alloy drawing oil. The water-soluble aluminum alloy drawing oil comprises, by mass, 20-40% of cycloalkyl base oil, 4.0-15.0% of a composite antirust agent, 9.0-20.0% of a composite alkali retention agent, 0.1-0.5% of a metal deactivator, 10-20% of a lubricant, 0.5-1.5% of a corrosion inhibitor, 2.0-3.0% of an emulsifier, 2.0-3.0% of a bactericide, 0.1-0.3% of an antifoaming agent, and the balance of deionized water. The water-soluble aluminum alloy drawing oil has the advantages of no toxicity, harmlessness, long service life, smooth metal cutting surface, excellent corrosion and rust resistance, applicability under high-pressure and high-speed processing conditions, small and few cutting foams, excellent water solubility, and avoiding of workpiece damages and use performance reduction, caused by cleaning of an aluminum alloy workpiece or generation of residues in the later period of processing.