An object of the present invention is to provide a lubricating oil composition for hydraulic actuation which has excellent safety and which is imparted with electrical conductivity in order to prevent the generation of noise that adversely affects devices including hydraulic circuits equipped with an electronic control device for the valve system. The composition uses a hydrocarbon base oil, and the base oil contains from 30 to 250 ppm of ultrabasic magnesium salicylate in terms of magnesium content relative to the total amount of the composition, and from 0.07 to 5.0 mass % of non-dispersible polymethacrylate having a weight-average molecular weight of from 5,000 to 200,000 as a net amount relative to the total amount of the composition. The conductivity of the composition at 25° C. is 200 pS/m or more, the flash point is 240° C. or more, the pour point is negative 40° C. or less, and the coefficient of friction at 140° C. by a microclutch is 0.08 or more. This lubricating oil composition can be imparted with conductivity in order to prevent the generation of noise that adversely affects electronic controls when used in machinery equipped with electronic control devices.