A galvanized steel plate punch stretch lube oil consists of motor oil 45-55wt%, castor oil 2-4wt%, soya oil 25-35wt%, mersolates 0.5-1.5wt%, zinc naphthenate 0.5-1.5wt%, triethyl phosphate 2-4wt%, chlorinated paraffin 3-5wt%, butyl-octanol zinc salt phosphinothioyl 2-4wt%, poly-n-butyl vinyl ether 4-6wt% and bactericide 0.2-0.3wt%. The process is carried out by adding motor oil into reactor, heating to 90-100degree, agitating at 750-850 / min, adding into mersolates, zinc naphthenate, chlorinated paraffin and triethyl phosphate successively, agitating for 1.5-2.5hrs, lowering temperature to 50-60degree, adding into castor oil, soya oil and bactericide, agitating for 0.5-1.5hrs, lowering to normal temperature, adding into butyl-octanol zinc salt phosphinothioyl and poly-n-butyl vinyl ether, and agitating at 75-85 / min and agitating 1.5-2.5hrs. It has better oil-film continuity and adsorption and prevents punch work-piece from being scraped and corrosion.