In this paper, ultrathin WS2 nanosheets with thickness of about 5 nm were successfully prepared by a facile solid phase reaction method. The as-synthesized samples were characterized by X-ray diffraction (XRD), scanning electron microscopy (SEM), and transmission electron microscopy (TEM). On the basis of experimental results obtained under different reaction durations, a possible formation mechanism of WS2 nanosheets is proposed. The tribological performance of ultrathin WS2 nanosheets as additives in the 500SN base oil was tested by an UMT-2 ball-on-disc tribotester, and the worn surface of the steel disc was investigated by a non-contact optical profile testing instrument and SEM. The results showed that the friction coefficient and anti-wear property of base oil can be improved strikingly by adding ultrathin WS2 nanosheets. Especially, when the concentration of WS2 nanosheets was 1.0 wt.%, the corresponding lubricating oil exhibited the best tribological properties. Moreover, according to the investigation of the wear scar, an anti-friction and anti-wear mechanism is proposed. It is believed that the reduction of friction and wear must come from the addition of ultrathin WS2 nanosheets which can penetrate and enter the friction interface and form a continuous tribofilm on the rubbing face.