Polyether aqueous solution is one of the important research in water-based lubricant. Cremophor EL-60 is an excellent surfactant, it can fully adsorb on the metal surface, and forming firm lubricant molecular layer. Boric acid triethanolamine (BN) has excellent extreme pressure properties and anti-rust properties. Mixing the two additives in mass ratio of 1:1, there is the BN-EL-60 water-based lubricant. Anti-friction and anti-wear performances of EL-60 aqueous solutions and BN-EL-60 aqueous solutions is studied by MRS-10 four ball tester, so as to the performances of extreme pressure, anti-rust, etc. It is showed that the BN-EL-60 aqueous solutions have a better performances at high load and high rotating speed, and at normal conditions EL-60 aqueous solutions are better. The two series have a good anti-friction and anti-wear performances at low concentration; after bringing BN into the solutions the friction coefficient fluctuation becomes unstable, but it can also obviously improve the extreme pressure performances and anti-rust performances. The synergistic behavior of BN and EL-60 additives are not simply, its characteristics are changing with the working conditions. Overall, EL-60 and BN-EL-60 additives are kinds of water-soluble additives with good application prospects.