In the process of using lubricating oil, it is inevitable that bubbles will be produced, which can not only accelerate the oil’s oxidation and shorten the oil change cycle but also reduce its fluidity and lubricity, aggravate the wear of mechanical parts and produce an air lock that interrupts the oil pump supply and causes an oil shortage accident. This paper mainly and comprehensively discusses the foaming process and its harm, the defoaming mechanism and defoaming method of lubricating oil, more specifically, the synthesis, application, advantages, disadvantages and current situation of three kinds of chemical defoaming agents, namely silicone defoaming agent, non-silicone defoaming agent and compound defoaming agent. Finally, the paper looks forward to the future development of special defoaming agents for lubricating oil.