The phase diagrams corresponding to transition from liquid to viscoelastic solid and that from viscoelastic solid to elastic-plastic solid of Santotrac100 (SN100), mineral oil, synthetic naphthenic oil, polybutene, and tetradecane were first made up by high-pressure density measurements and others. The bulk modulus of lubricating oils under a quasi-static condition was evaluated using a phase diagram. The results indicated that the bulk modulus of lubricating oils is closely related to the oil molecular packing parameter T VE −T (where T VE is the viscoelastic solid transition temperature at pressure p, and T is the oil temperature). The constant values of the bulk modulus in the elastic-plastic range are different depending on the molecular structures of the oils. It has also been shown that SN100, mineral oil, synthetic naphthenic oil, and polybutene converted to amorphous solids at high pressures and tetradecane converted to molecular crystal. Next, the elastohydrodynamic lubrication tractions were measured by a ball-on-disk machine. The results indicated that the maximum traction coefficient is closely related to T VE −T. As a result, the importance of the bulk modulus as a predominant factor for traction characteristics of lubricating oil was pointed out.