The present disclosure relates to an anti-wear, anti-friction and stably-dispersed lubricating oil or grease, and the anti-wear, anti-friction and stably-dispersed lubricating oil or grease includes a main component of a lubricating oil or grease and a long carbon chain-grafted sulfonated graphene, the preparation method of which includes mixing a main component of a lubricating oil or grease with a long carbon chain-grafted sulfonated graphene, stirring and dispersing the mixture to obtain the product. The lubricating oil or grease in the present disclosure can significantly improve the long-term dispersion stability and dispersion stability in a complex environment by adding a long carbon chain-grafted sulfonated graphene in the main component, and at the same time can significantly improve the friction coefficient, which can significantly improve the anti-wear and anti-friction properties of the lubricating oil or grease, reduce the diameter of wear scars, and reduce the wear of copper and iron.