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Lubricant oils are known to decrease the friction coefficient between two contacting surfaces. It is essential for the correct function of almost the totality of mechanical machinery working in the entire world. Lubricant oils consist of about 80% of oily base stocks which attributes to their properties of viscosity, stability, and pour point to the lubricant plus additives supplemented to improve these properties. Petroleum lubricants are usually environmentally unacceptable due to their low biodegradability and toxicity. These oils contaminate the air, soil, and drinking water and affect human and plant life to a great extent. Thus, the demand for environmentally acceptable lubricants is increasing along with the public concerns for a pollution-free environment. Plant oils are promising as base fluid for biolubricants because of their excellent lubricity, biodegradability, viscosity-temperature characteristics, and low volatility. The purpose of this paper is to present a survey of the current status of biolubricating oil. This research provides an overview on the synthesis, tribochemical behavior; the effect of structure on friction/wear, load-bearing capacity, resistance to rise in specimen temperature, and varying response of antiwear/extreme-pressure additives in the presence of vegetable oil/derivative structures has also been discussed. Though a significant number of papers have been published in this area, there is still much to explore. A proper selection of base oil and additives is therefore essential for an efficient synthesis of biolubricating oil.