PURPOSE: To provide a water-dispersible cold-rolling oil which has a higher lubricity than a nonaq. rolling oil and causes little oil stain on annealing a sheet after rolling and to provide the method of cold rolling using the same

CONSTITUTION: 8-93wt.% base oil comprising at least one polymer selected from the group consisting of polypropylene, polyisobutylene, and polybutene having a mol.wt. of 200-330 is compounded with 5-90wt.% α-olefin of the formula: CH2=CH(CH2)nCH3 (wherein n is 9-25) and 2-20wt.% at least one oiliness improver selected from the group consisting of a higher alcohol deriv. of the formula: R1O(CmH2mO)nH (wherein R1 is 10-22C alkyl; m is an integer of 2-4; and n is an integer of 1-3), a trimethylolpropane deriv. of, e.g. the formula: CH3CH2C(CH2OCOR2)2CH2OH wherein R2 is 1-9C alkyl), and an alcohol ester of a hydroxymono- or dicarboxylic acid of, e.g. formula: CH3CH(OH)COOR4 (wherein R4 is 1-18C alkyl).