The non-parathion nano organic molybdenum (Nano-Mo) was adopted to substitute for the conventional extreme-pressure and anti-wear additives, uniformly dispersed in water-based cold rolling liquid for steel strips. The tribological properties of the water-based cold rolling liquid were tested by the four-ball machine, and the lubricity of the cold-rolling liquid for steel strip was evaluated on the 4-high cold rolling experiments. Besides, the worn surfaces of the steel balls were observed by an optical microscope. Results indicated that Nano-Mo as additive in water-based cold rolling liquid, compared with the conventional emulsions, PB values was increased by 4%, and friction coefficient and wear scar diameter were decreased by 10.8% and 13.1%, the lubricity of rolling liquid was verified by cold rolling test which showed that this liquid had the excellent lubricant performance to reduce the rolling force, save energy consumption and get thinner strip. Optical microscope was used to observe the strips surface which showed that strip surface streaks were clear, scratches were less and shallow. By roughness test and EDS analysis, defects were filled with nanoparticles, friction and wear were reduced effectively. In addition, tensile properties had been studied after rolling lubrication, but the results showed no significant effect.