A novel oil-miscible hindered phenol based multifunctional lubricant additive (BHT)-NP was synthesized and its antioxidant, tribological properties were thoroughly characterized. Compared with the commercially available hindered phenolic antioxidants (ST-135), the (BHT)-NP exhibited enhanced antioxidant and wear reduction properties at room temperature or 100 ℃. Specifically, adding 4   wt% (BHT)-NP to PAO10 could prolong its oxidation induction time from 4 to 70   min, which is 2.2 times that of ST-135. Additionally, this lubricant system could also decrease the wear volume of PAO10 + 4   wt% ST-135 by 88.67% (rt), 88.42% (100 ℃), respectively. Subsequently, lubrication mechanism analysis results suggested that an effective protection film was fabricated on the sliding steel surface, which significantly prevented the direct contact between the sliding pairs.