PURPOSE: A lubricating oil for two-cycle engines, obtained by incorporating an additive consisting essentially of a sulfonate compound in a base oil to which an aromatic perfume is added, and purifying the resultant blend, and capable of reducing the amount of the perfume to be added due to little smell at a low cost.

CONSTITUTION: A lubricating oil obtained by incorporating an additive consisting essentially of a sulfonate compound, e.g. a calcium sulfonate based compound or containing further dispersed calcium carbonate therein in the form of a colloid, with a base oil to which an aromatic perfume is added, and purifying the resultant blend. A small amount, e.g. 5wt%, of a sulfonate compound may be incorporated, if necessary, with the component (A).