Enhancing the value of fine chemicals based on biomass resources is an important objective for addressing environmental and other concerns such as demand for renewable or green products, as well as from the political perspective to reduce dependence on fossil feedstock associated with the use of petroleum-based products. Based on these considerations, we studied the synthesis of estolide using waste plant-based oil materials and their application as lubricants and pour point depressants. Five estolides were prepared by varying molar ratio of palmitic acid (PA) to oleic acid (OA) using a reaction time of 48 h. The estolides were characterized by size exclusion chromatography (SEC) and nuclear magnetic resonance (NMR). The isolated yields were in the range of 57-78 % and purity was 93-97%, showing iodine values of 18.2-37.8, total acid numbers (TANs) of 75.6-94.2 mg KOH/g and estolide numbers (ENs) of 1.2-1.8. Increasing the ratio of OA to PA in the synthesis decreased the kinematic viscosity and clouding point of the estolides. Four ball wear test of the estolides as a base oil demonstrated that the wear scar diameter (WSD) of the estolides was significantly lower (0.320-0.495 mm) than the WSD of general base oils such as 150N and Yubase (0.735 and 0.810 mm, respectively), indicating better wear resistance of the estolides. However, the lubricant property was found to be independent of the amount of OA in the estolides. These new materials are prospective candidates for application as a lubricant base oil.