Currently, substantial adhesion wear frequently occurs in Zr alloy cold rolling, which not only affects the quality of product's surface, but shortens the mould's service life. In this paper, water-based lubricant was prepared by using ZnO as additive and hydroxyethyl cellulose (HEC) as dispersant. The tribological test results showed the friction coefficient decreased by a maximum of 84.6%, and the friction surface was smooth and flat, with essentially no wear. By analysing the friction area, it was found after ZnO entered the friction interface, HEC carried a hydrated molecular layer to form a stable lubrication film at the interface. This film worked with nanoparticles to reduce friction and wear, and is expected to prolong the service life of rolling dies.