The invention provides a machine tool with a lubricating oil recycling function. The machine tool comprises a rack, a machining mechanism, an oil storage tank, an oil and slag separating screen plate, a slag collecting tank, an oil collecting tank, a lubricating oil filter, a recycling tank, a first suction pump and a second suction pump. The machining mechanism is mounted on the rack, and the oil storage tank can convey lubricating oil to the machining mechanism; the oil and slag separating screen plate is mounted on the rack in an inclining manner and is located under the machining mechanism; and a plurality of screen holes are formed in the oil and slag separating screen plate; the slag collecting tank is mounted at the lower end of the oil and slag separating screen plate, and the oil collecting tank is mounted on one side, close to the ground, of the oil and slag separating screen plate; a first screen net is arranged in the oil collecting tank, and an output pipe is arranged on the oil collecting tank; the output pipe is communicated with an oil inlet end of the lubricating oil filter; and the oil outlet end of the lubricating oil filter is communicated with the recycling tank, and the oil storage tank is communicated with the recycling tank through the second suction pump. Lubricating oil is circularly utilized, lubricating oil cost is saved, and the problem of waste oil draining is solved.