Disclosed is a cutting oil composition, which is vastly superior in view of layer separation, dispersibility, viscosity, ingot-cleaning time after sawing, and wafer warpage after sawing, compared to conventional cutting oil compositions, and which includes mineral oil that is highly hydrogenated, as represented by Chemical Formulas 1 to 3, bentonite clay as a thickener, and glycerol trioleate as a dispersant. A cutting method using the cutting oil composition is also provided.