In the rolling process of Magnesium Alloy, different mixtures of organic and inorganic compounds are used to lower the friction. Such coolants and lubricants may age or deteriorate during use. This paper describes a method for evaluating oxidation stability performance of lubricants by TG–DSC analyzer. The influence of oxidation on the volatility of lubricants and the tendency of the formation has been studied by comparing the TG curves and DSC curve of lubricants obtained under 298K to 798K atmosphere. The results show that this method is potentially useful for lubricants selection and quality control and for studying influence of base lubricants composition on oxidation performance.