The bio-lubricant from the agro-waste resource is a promising substitute to the petroleum-based lubricants, which conforms to waste utilization and sustainable development. In this work, a high performance biolubricant was obtained by dihydroxylation modifying the extract from the abandon aerial parts of Codonopsis pilosula. This biolubricant exhibits high resistance to thermal decomposition till 298.8 °C and excellent lubricity within the temperature range of 50–250 °C, characterized by the low friction coefficients of 0.108–0.129 and wear rates of 10−8-10−7 mm3/Nm. These excellent properties are superior and comparable to other biolubricant and mineral oils, resulting from the high adsorption ability of diol onto the solid frictional interfaces that forms a thick lubricity carbon film demonstrated by the transmission electron microscope. Due to the excellent thermal-stability and wide temperature lubricity, this biolubricant can be applied in the open mechanical systems like chainsaw and metal machining in agricultural and manufacturer industries.