The invention provides an 
internal combustion engine lubricating oil composition which comprises(A)a low-alkaline-value 
clearing agent which is 0.1-6.0 percent of the total 
mass of the composition, (B) a high-alkaline-value 
clearing agent which is 0.1-8.0 percent of the total 
mass of the composition, (C) a dispersing agent which is 0.1-8.0 percent of the total 
mass of the composition, (D) an 
antioxidant which is 0.1-3.0 percent of the total mass of the composition and (E) lubricating basic oil which is used as a main component of the composition, wherein a preparation method for the low-alkaline-value 
clearing agent comprises the following steps: simultaneously or sequentially performing 
saponification on organic 
sulfur phosphonic acid, oxides of alkaline metals and / or alkaline-earth metals, water, alkylsalicylate and inorganic acid and / or an aromatic 
carboxylic acid accelerator, and collecting products. The 
internal combustion engine lubricating oil composition disclosed by the invention is relatively low in phosphorous content, relatively high in high-temperature detergency, 
oxidation resistance, and abrasion resistance and relatively low in 
metal corrosivity, and can meet the performance requirements of an API CF-4 15W / 40 
diesel engine oil and requirements of environment-friendly emission.