One of the growing concerns regarding mineral oil-based lubricants is their detrimental effect on the environment. Commercial lubricants used in the automotive sector are still primarily petroleum-based lubricants. ‘Bio-based’ lubricants, or ‘bio-lubricants,’ are derived from bio-based raw materials, such as animal fat, vegetable oil, or other environmentally friendly hydrocarbons. Previously conducted research regarding chemical modification and the effects of different additives on friction reduction and wear resistance enhancement is limited. We plan to chemically modify crude soybean-based vegetable oil in our proposed research. We hypothesize that the proper chemical modification of raw soybean oil and use of select lubricant additives post-chemical modification will allow them to be used as next generation multifunctional bio-lubricants in the automotive, aerospace, and manufacturing sectors. Copper compatibility and thermal-oxidative investigations on pure soybean oil, and chemically modified oils will be conducted after formulation. We will then evaluate the rheological properties of the formulated oils. Reciprocating friction and wear testing at different temperatures will be conducted to reveal the formulated oil’s tribological behavior as the last step. The overarching goal is to develop fully formulated lubricants for a wide range of applications. Our proposed research will allow us to formulate soybean-based base oil and understand the effects of novel additives on its performance, which will build the framework to enhance its industrial usage for a wide range of future applications.