In recent years taking into account the environmentally friendly property and low viscosity of water, water lubrication technology has been developing rapidly. However, the water itself contains easily-rust metal. Thus in order to meet the need of the spindle system of our research, we need to add antirust additives in water. Through the analysis of antirust additive, suitable composition of water-based antirust additive is obtained, and a new water-based lubricant is formed. Through orthogonal experiments of testing antirust properties, the optimal formula of lubricant is gained, and the ratio of various additives is confirmed.