For the purpose of the development of ultrahigh molecular weight polyethylene (UHMWPE) fibers with improved tensile properties, the stearic acid (SA) was added to the gel spinning of UHMWPE and acted as a lubricant film. SA addition was intended to be 0.2, 0.4, 0.6, 0.8, and 1.0 wt% of UHMWPE for forming the SA modified UHMWPE fibers. The tensile properties, thermal properties, crystallization properties, and orientation properties of the prepared UHMWPE fibers were systematically investigated. Results show that there is a more significant tensile property for UHMWPE fibers as SA addition is 0.6 wt%. Their tensile strength and tensile modulus reach 32.86 and 1580.89 cN/dtex, which are raised to an extent of 12.0% and 7.7%, respectively, compared with UHMWPE fibers alone. Moreover, the thermal properties, crystallization properties, and orientation properties of the prepared UHMWPE fibers are enhanced observably when the SA addition is 0.6 wt%.