The results of studying tribotechnical and physicochemical properties of various liquids have proved applicability of a dispersion medium, which is based on organosilicon liquids, for producing new-generation magnetic lubricating oils. The paper gives recommendations for choosing a dispersed magnetic phase. It analyzes the accumulated experience on choosing the materials to stabilize colloidal particles. It also shows an original approach to selecting surfactants that are intended for stabilization of a magnetic oil colloidal structure, taking into account their dielectric properties and the effect on friction. There are data on the preliminary selection of additives and fillers for a magnetic oil, which are characterized by various mechanisms for reducing friction and wear of lubricated surfaces. The paper shows the efficacy of additives under various operating conditions of a friction unit with a magnetic oil. It describes technological features of the synthesis of lubricating oils based on polyethylsiloxane PES-5 and chlorophenylsiloxane KhS-2-1VV containing nanosized magnetite. The authors have obtained promising magnetic lubricating oils with good lubricating properties: low volatility and a wide temperature operating range.