The invention relates to an environmentally-friendly nano water soluble non-oil lubricant used for cold rolling metals and its preparation method, which is characterized by comprising the following components by mass percentages: 15% of dimer acid, 40% of diammonium hydrogen phosphate, 20% of oleic acid alkanolamide, 8% of tween80, 15% of lauryl alcohol and 2% of surface modified nano-magnetite. According to the invention, a nano technology is used for preparing the lubricant which realizes the requirement of the current civilized production with low energy consumption, low pollution, low discharge and high environmental protection, and the lubricant of the invention has the characteristics of high temperature resistance and is capable of increasing the wear resistance and prolonging the service life of a roller. The lubricant of the invention is a product with smoke-free, odorless, notoxcity, harmlessness. According to the detection of toxicology department of Shenyang labor hygiene occupational disease institute and Qingdao national dangerous material detection center, LD50 is greater than 10000milligram / kg, fish and shrimp can be survived and reproduced in aqueous solution of 0.1% of the product.