In order to elucidate the lubricating mechanism of polyolester base oils [POEs], the wear characteristics of 27 kinds of polyolester base oils including mixed POEs were investigated. Their wear results were discussed in terms of the effect of molecular structure on wear performance and compared with those of mineral oil. In addition, the adsorption ability of POEs to reduced iron and their hydrolysis rates were measured and the effect of their molecular structures on the adsorptivity and hydrolysis rate of POEs was discussed, respectively. Finally, the lubricating mechanism anlyzed from these results of wear characteristics, adsorptivity and hydrolysis rate was proposed. That is to say, POEs are firstly adsorbed to friction surface and decomposed by hydrolysis or thermal degradation. Fatty acids obtained by degradation of POEs form adsorption film on friction surface. The larger become cohesive ability among fatty acid molecules in the adsorption film, the better gets the wear performance of POEs.