Triethanolamine borate is a new type of green water-based synthetic cutting fluid additive, and its anti-friction and anti-wear properties in the cutting process have not been reported to date. Taking triethanolamine borate as the main research object and comparing it with glycerol, polyethylene glycol 400 (PEG400) and concentrated cutting fluids (MCFs) purchased from the market, a large number of milling experiments on titanium alloy materials were carried out. Based on the experimental data and a large number of comparative analyses, the lubrication effect of a cutting fluid based on a triethanolamine borate additive was systematically studied. Finally, the lubrication mechanism of the new cutting fluid based on a triethanolamine borate additive was studied by analysing the 3D molecular structure of triethanolamine borate and its reaction formula. The results show that among the four additives studied in this experiment, the properties of triethanolamine borate and glycerol are similar and superior to those of polyethylene glycol 400 and MCFs. Among the four cutting fluids with a 10% additive content, the cutting fluids with triethanolamine borate as the additive had the best comprehensive performance. By studying the reaction formula of triethanolamine borate and its 3D molecular structure, it is shown that triethanolamine borate is a cage-like heterocyclic compound. Triethanolamine borate contains nitrogen and boron elements with extreme pressure lubrication properties and can solve the problem of the easy hydrolysis of boric acid grease due to a lack of electrons of boron atoms by increasing steric hindrance.