Punching and blanking processes are characterized by severe tribological conditions due to the creation of virgin surfaces, which are highly prone to develop pick-up of workpiece material on the punch surface. Hazardous forming lubricants are, therefore, commonly used in punching and blanking processes for avoidance of wear induced process deviations such as diminished surface quality, reduced dimensional accuracy and reduced tool life. The present study characterizes the function and performance of lubricants used for punching and blanking operations for assessment of the tribological lubricant properties necessary for adaption of environmentally friendly lubricant alternatives. Analysis of the tribochemical properties of the studied lubricants indicate that an applicable temperature range and a high load bearing capacity are central lubricant properties necessary for ensuring sufficient lubricating ability for punching and blanking operations.