The invention discloses a novel cutting fluid with high permeability. The cutting fluid is prepared from following raw materials by weight: 10-15 parts of methyl 4-hydroxybenzoate, 5-10 parts of a molybdenum dialkyldithiophosphate, 20-30 parts of Turkey red oil, 5-8 parts of an aluminum-alloy corrosion inhibitor, 3-8 parts of 4-tert-butylbenzoic acid and 3-9 parts of a borate ester. Compared with lubricants at present, the cutting fluid has thixotropy, and therefore the cutting fluid turns from a paste state into a liquid state when being transported to a processing part through a pneumatic pump and being stirred, transportation and using of the cutting fluid are easy, and the using amount can be saved. The cutting fluid has excellent permeability and is easy to clean. The cutting fluid has good lubricating performance, heat transferring and cooling performances, stability, rheological property and resistance to extreme pressure. The cutting fluid is capable of furthest reducing the tapping and cutting temperature and cutting force, increasing the tapping efficiency and precision, reducing the roughness of a workpiece, improving the surface quality and prolonging the service lifetime of a tapping screw.