Provided is a lubricant composition for plastic working of a ferrous material, the lubricant composition being excellent in lubricity and releasability and not staining the work environment black. A lubricant composition for plastic working of a ferrous material is used, the lubricant composition containing (a) an alkali metal salt of an organic acid, (b) water-based resin particles, (c) a water-soluble polymer, and (d) water, the (b) water-based resin particles including particles having a particle diameter of not more than 0.1 μm in an amount of more than 5% by weight relative to a total amount of the (b) water-based resin particles.