A kind of environment-friendly water-based synthesized cutting fluid, in which harmful elements such as nitrite, phosphor, sulfur, benzene and hydroxybenzene etc. does not included, was designed with the orthogonal test method. This formula contains carboxylic ester boric acid ester, borate and other inorganic additives as rust prevention additives and lubricating additives. The cutting fluid features good performances of lubricating, rust-preventing, cooling, washing, rot-proofing and degradation.