Lanthanum fluoborate modified by oleylamine [denoted as La(BF4)3‐OA] was synthesized as a potential lubricant additive by direct precipitation method with sodium tetrafluoroborate and lanthanum nitrate [La(NO3)3] as the staring materials and oleylamine (OA) as the surface‐modifying agent in distilled water‐ethanol mixed solvent. The effects of reaction temperature, OA to La(NO3)3 ratio, and surfactant cetyltrimethyl ammonium bromide on the size and shape of as‐synthesized La(BF4)3‐OA were investigated. The crystalline structure and morphology of as‐obtained La(BF4)3‐OA were characterized by X‐ray diffraction, transmission electron microscopy, Fourier transform infrared spectrometry, and X‐ray photoelectron spectroscopy. Moreover, the tribological properties of La(BF4)3‐OA as an additive in dioctyl sebacate, a synthetic ester, were evaluated with a four‐ball machine, and the worn surfaces of the steel balls were analyzed with a field emission scanning electron microscope equipped with an energy dispersive spectrometer accessory. It was found that the as‐synthesized La(BF4)3‐OA exhibits disk‐like nanoflake shape and have a diameter of 10–45 nm, depending on varying synthetic conditions. As‐synthesized La(BF4)3‐OA as an additive in DIOS possesses excellent antiwear and friction‐reduction performance for the steel–steel pair, which is because the as‐synthesized additive simultaneously contain tribologically active elements La, B, and F that facilitate the formation of a boundary lubricating and protecting film on sliding steel surfaces thereby avoiding direct contact of the steel–steel pair and significantly reducing the friction and wear. Copyright © 2016 John Wiley & Sons, Ltd.