To provide an aqueous rust inhibitor for metalworking lubricant having low toxicity and excellent rust resistance, we synthesized diester of malonic acid by three consecutive esterifications with over 98% of conversion. This substituted malonic diester could be used as an additive to mineral oil based metalworking lubricant. These metalworking lubricant compositions were showed excellent rust resistance and suitable for various metals and different metalworking processes including hot rolling and cold rolling of aluminum and aluminum alloys.