In order to enhance the tribological properties of lubricating oil, suitable surfactants such as Tween-20, Tween-60, Span-20 and Sodium sodecylbenzenesulfonate were selected and lubricating oils containing CeO2 and TiO2 nanoparticles were prepared. The morphology and size of CeO2 and TiO2 nanoparticles were examined with a transmission electron microscope (TEM). The tribological properties of the oils were tested using an MRS-1J four-ball tribotester. The research results show that when the proportion by weight of CeO2 nanoparticles to TiO2 nanoparticles is 1:3, and the total weight fraction is 0.6%, the lubricating oil has optimal anti-wear and friction reducing properties. The addition of CeO2 nanoparticles reduces the required amount of TiO2 nanoparticles.