Hot rolling tests of a low-alloy steel were conducted at a rolling temperature of 850 °C under different lubrication conditions, including benchmarks (dry condition and water) and water-based nanolubricants containing different concentrations of nano-TiO2 from 1.0 to 8.0 wt%. The effects of nanolubricants on rolling force, surface roughness, thickness of oxide scale, and microstructure were systematically investigated through varying nano-TiO2 concentrations. The results show that the application of nanolubricants can decrease the rolling force, surface roughness and oxide scale thickness of rolled steels, and refine ferrite grains. In particular, the nanolubricant containing an optimal concentration (4.0 wt%) of nano-TiO2 demonstrates the best lubrication performance, owing to the synergistic effect of lubricating film, rolling, polishing, and mending generated by nano-TiO2.