To provide a lubricating oil composition achieving both of high traction coefficient and excellent low temperature fluidity at a higher level and having a high flash point, which contains a naphthene-based synthetic oil (a) having a flash point of 140° C. or higher, and an ester (b) having 5 to 32 carbon atoms and having a branched chain, wherein the content of the naphthene-based synthetic oil (a) based on the total amount of the composition is 35% by mass or more and less than 80% by mass, a method for producing the lubricating oil composition, and a continuously variable transmission using the lubricating oil composition.