The present invention provides a lubricating base oil comprising saturated components of 90% by mass or greater, wherein the proportion of cyclic saturated components among the saturated components is not greater than 40% by mass, and by having a viscosity index of 110 or higher and an iodine value of not greater than 2.5. The lubricating base oil of the invention exhibits excellent viscosity-temperature characteristics and heat and oxidation stability while also allowing additives to exhibit a higher level of function when additives are included. The lubricating base oil of the invention is suitable for use in various lubricating oil fields, and is especially useful for reducing energy loss and achieving energy savings in devices in which the lubricating base oil is applied.