To provide a lubricating oil composition for blanking work, having working performance similar to or better than those of conventional chlorine- based lubricants for the punching work.

This lubricating oil composition for the blanking work contains (A) a sulfur-containing compound (such as a polysulfide and a sulfide ester) which contains active sulfur in an amount of 1 wt.%, and (B) a per-basic metal sulfonate, but no chlorine component. The per-basic metal sulfonate preferably has a base number of 300 mgKOH/g. Further, zinc thiophosphate and a mineral oil may be contained in the composition. The composition is suitably used for the precision blanking work.