A system for evaluating the lubricity of a newly developed rolling oil is constructed for an actual cold rolling mill. An evaluation is carried out as follows: (1) Coefficients of friction and limitations of conventional oil and the developed oil are measured by the simulation testing machine. (2) The interfacial temperature rises due to friction between roll and workpiece of the two oils are calculated. (3) The pass schedule in the actual mill is examined. (4) The interfacial temperature rise at the stand in which friction pickup occurred is calculated from the data. (5) When the developed oil is used in the actual mill, the interfacial temperature rise at the same stand is calculated. (6) From these results, the maximum rolling speed in the mill is calculated. The maximum rolling speed when the newly developed oil was used in the mill increased by 200 m/min compared with that of the conventional oil.