Lubrication and friction are the core processes in cold strip rolling, which are the key links to realizing the stable production of high‐quality strips, reflecting country advanced level in rolling technology. This review investigates the crucial properties of lubrication and friction in cold strip rolling by analyzing the mechanism, characterization methods, and influencing factors. The lubricant forms an oil film on the surface of rolls and strips based on the lubrication dynamics and tribology theory, changing the asperity contact state in the loaded roll gap, leading to changes in friction characteristics. Oil film thickness and coefficient of friction (COF) are crucial parameters for characterizing and judging the characteristics of lubrication and friction, theoretical calculations have become the core analytical method, and the study of the measurement method is still a great challenge. Parameters like rolling speed and oil viscosity affect the lubricant distribution and asperity contact in the loaded roll gap, changing the lubrication and friction state. The influence of parameters is strongly linked to the experimental or rolling environment. Prospective research trends on lubrication and friction in cold strip rolling are presented based on the status of research on lubrication and friction characterization.