In the hot forging process lubricant influences on frictional condition only, but in the warm forging process it influence on the formability such as dimensional accuracy, filling state and frictional condition and it is important to estimate a lubricating characteristic of lubricants in the warm forging. In this paper, in order to evaluate the formability of billet in warm forging process according to the lubricant and lubricating method, lubricant and lubricating test have been performed using oil-based and water-based lubricant which were widely used in the hot and warm forging processes. The surface roughness of initial billet was measured to evaluate the influence on the formability of billet and the forming load and dimensional accuracy were compared and evaluated. From the experimental results, it can be known that water-based lubricants are more excellent than oil-based lubricants for warm forging of complex shape like a bevel gear. Also, in this study characteristics of deformation have been investigated according to surface treatment of initial billet.