Osteoarthritis (OA) is a common degenerative joint disease that progressively destroys articular cartilage, leading to increased joint friction and severe pain. Therefore, OA can be treated by restoring the lubricating properties of cartilage. In this study, recent advances in lubricants for the treatment of OA are reviewed for both single-function and multifunctional lubricants. Single-function lubricants mainly include glycosaminoglycans, lubricin, and phospholipids, whereas multifunctional lubricants are composed of lubricating and anti-inflammatory bifunctional hydrogels, stem cell-loaded lubricating hydrogels, and drug-loaded lubricating nanoparticles. This review emphasizes the importance of restoring joint lubrication capacity for the treatment of OA and explores the structural features, lubrication properties, and role of these lubricants in modulating intracellular inflammatory responses and metabolism. Current challenges and future research directions in this field are also discussed, with the aim of providing a scientific basis and new ideas for the clinical treatment of OA.