The present invention provides a lubricating oil composition, comprising: a lubricant base oil having a sulfur content adjusted to 0.1% or less by mass; and (A) one or more alkali metal or alkaline earth metal salicylates in which the ratio of a salicylate constituent having, in the 3- and 5-positions, hydrocarbon groups having 1 to 40 carbon atoms is adjusted to 10% or more by mol and/or (B) one or more alkali metal or alkaline earth metal salicylates in which the ratio of one or more monoalkylsalicylate constituents is adjusted to 85% or more by mol and the ratio of a monoalkylsalicylate constituent having, in the 3-position, a secondary alkyl group having 10 or more and less than 20 carbon atoms is adjusted to 50% or more by mol, the (A) and/or (B) being incorporated into the base oil in an amount of 0.005 to 5% by mass of the total of the composition, and the amount being an amount in terms of the metal element therein. In this way, the oxidation life under the contamination of water content is improved.