It is of considerable significance to develop efficient and environmentally friendly machinery lubricant additives because of the increasing depletion of petrochemical resources and severe environmental problems. Herein, we proposed a facile strategy to synthesize a multifunctional vegetable oil-based lubricant via the lignin derivative vanillin coupled to amine and diethyl phosphite to produce a lubricating additive with both extreme pressure and antioxidant properties. Compared with pure tung oil, the lubricating and antioxidant performance of tung oil is significantly improved after adding additives. Adding the 1.0 wt% additive to the tung oil reduced the friction wear coefficient and the volume, and the oxidation induction time was much longer than pure tung oil.