Ionic liquid crystal (ILC), 1-methyl-3-hexadecylimidazolium tetrafluroborate, was synthesized. The tribological behavior of ILC was evaluated using a four-ball machine at 80 °C. X-ray photoelectron spectroscopic analysis shows that ILC takes part in tribochemical reactions to generate tribochemical products such as B2O3, FeF2, and/or FeF3, and amine which form a protective film on sliding steel surface, resulting in reduced friction and wear. Besides, ILC 1-methyl-3-hexadecylimidazolium tetrafluoroborate is completely transformed from solid state to liquid crystalline phase at 80 °C, which facilitates the ordered arrangement of its long alkyl chain on sliding steel surface and helps to improve the tribological properties. When the ILC is used as an additive of liquid paraffin (LP), it contributes to reduce friction and wear and increase the load-carrying capacity of the base stock both at room temperature and 80 °C. The reason might lie in that a small amount of F from ILC takes part in tribochemical reactions to generate tribochemical products that form a protective film on sliding steel surface, and friction-induced heat accelerates the transition of as-synthesized ILC to a mesophase and the ordered arrangement of its long alkyl chain on sliding steel surface, both resulting in improved load-carrying capacity and anti-wear ability of the ILC.