Biolubricant formulation from vegetable oils and other natural resources is the most emerging area of research in the lubricant industry at the present moment. Vegetable oils and other natural oils (e.g., microalgae, liquids obtained from pyrolysis of wood biomass) can be used as feedstocks for making lubricant base oils and additives for biolubricants. Although plant-based oils have advantages such as a high viscosity index, high flash points, good antifriction/antiwear properties, biodegradability, etc., there are some challenges such as poor oxidative stability, low temperature fluidity, and poor hydrolytic stability that need to be overcome. Chemical modification is the way to address these challenges. In this chapter, we have discussed various chemical routes to synthesize base oils as well as biobased additives for the formulation of a sustainable lubricant.