The nano-MoS2 particles were adopted to substitute for the extreme-pressure and anti-wear additives to the rolling fluid for steel strips. An optimal formulation and technical process for adding nano-MoS2 particles to the rolling fluid were obtained through orthogonal experiments with three factors at three levels. The tests have led to the following conclusions: (a) the nanoparticles should be added to a base oil with high saponification value; (b) the concentration of nanoparticies in rolling fluid should be equal to 0.6%; and (c) when the reaction time needed for surfactants (oleic acid, for example)to modify the nanoparticles was 40 min, the rolling fluid could have the best tribological properties. The lubricity of rolling fluid was verified by using a 4-high cold rolling test mill which showed that the rolling fluid with nano-MoS2 particles had the excellent lubricant performance to improve the surface quality of the steel strip remarkably. The mechanism of nanoMoS2 particles in the rolling process has been investigated by a series of characterization instruments, which have showed that, with its fullerene-like structure, the nano-MoS2 particles have self-lubricating properties and extra-low friction coefficient, and can easily form a protective film with low shear strength on the surface of friction pairs.