Discarded tempering lubricants retained significant reuse potential, making their recycling a vital step in reducing resource wastage and wastewater treatment costs in the strip steel industry. Hence, developing an accurate, rapid evaluation indicator for recycled fluid concentration was essential for facilitating this process. Research showed that among common evaluation indicators for metal fluids, three—electrical conductivity, refractive index and total base number (TBN)—due to their high linear correlation with tempering lubricant concentration (R2 > 0.995), could be utilised to monitor the dynamic changes in the concentration of tempering lubricants. Subsequent experiments on reused tempering lubricants revealed that electrical conductivity, significantly altered by iron powder (7%–24% variance), and refractive index, impacted by hydraulic oil (3% deviation), highlighted contaminant challenges; yet, filtration effectively mitigated iron powder's effect on TBN. Finally, A 17‐day reused tempering lubricants simulation demonstrated consistent effectiveness of the three indicators in monitoring the need to update tempering lubricant concentration. However, in terms of sensitivity, precision, and particularly stability and relative mean deviation, the TBN concentration evaluation indicator outperformed, with TBN (3.38%) < Refractive Index (7.92%) < Electrical Conductivity (11.05%). This indicates the TBN method's superior stability over conductivity and refractive index methods, with its accuracy deviation below 2%, making it a stable, simple and reliable metric worthy of broader adoption.