Abstract: The experiments of lubrication process with the emulsions A, B, C and D as lubricating oil for the St12 strip rolling on a 4-high reversing cold mill were carried out. The effects of the four emulsions on the rolling force, strip surface reflectivity, surface temperature of strip rolls under the same rolling conditions were analyzed comparatively, as well as the relationship between rolling force and rolling speed. Moreover, the friction coefficient was calculated with the measured data of rolling force by a mathematical model. It was revealed that the sequences of the emulsions from first to last in relation to the lubrication quality, cooling performance and strip surface reflectivity are B-C-D-A, A-C-D-B and B-D-C-A, respectively. The experimental results are of theoretical and practical importance to the development and evaluation of rolling oil, optimization of rolling-lubricating process parameters and improvement of strip steel surface quality.