To improve lubricant performance and extend the service life of machinery, the friction reduction and anti-wear performance of nano-cerium oxide (nano-CeO 2) and nitrogen-containing heterocyclic borate (BNH2) composite additives were studied in this work, with the goal of obtaining better lubrication effects than a single additive. The results showed that the nano-CeO 2 modified with Span80 had good dispersion stability in the base oil. The optimal addition mass fractions of single nano-CeO 2 and BNH2 were 0.6 wt% and 1.0 wt%, respectively. Compared with the base oil, 0.6 wt% nano-CeO 2 reduced the coefficient of friction by 44.9% and the wear spot diameter by 27.8%, while 1.0 wt% BNH2 reduced the coefficient of friction by 49.1% and the wear spot diameter by 32.8%. Compared with the single additions of nano-CeO 2 and BNH2, the compound nano-CeO 2/BNH2 further improved the friction reduction and anti-wear performance of the lubricating oil. Compared with the base oil, the 0.8 wt% nano-CeO 2/1.0 wt% BNH2 composite additive reduced the coefficient of friction by 55.9% and the diameter of the abrasive spot by 48%. Physicochemical analysis of the wear surface revealed that the combination of nano-CeO 2 and BNH2 had excellent synergistic effects. The generated lubricant films of nano-CeO 2/BNH2 contained a chemical reactive layer of organic nitride (C–N), Fe 2O 3, FeO, and B 2O 3 and a physical adsorbent layer of CeO 2 that provided great friction reduction and anti-wear effects during friction.