Titanium alloys are widely used in aerospace, maritime, military and other fields, but their poor tribological properties limit their application in precision parts. Therefore, the study of lubricants suitable for the high precision forming process of titanium alloys is the key to achieve efficient machining of titanium alloys. In this study, graphene oxide (GO) and black phosphorus (BP) nanosheets composite oil-based lubrication additives were prepared by phase transfer method. The morphology, composition and phase structure of the composite additives were characterized by scanning electron microscope, Raman spectrometer and X-ray diffractometer. The tribological properties of BP-GO nanosheets as liquid paraffin-based lubrication additives on titanium alloy surfaces were evaluated using a UMT-5 multifunctional friction and wear testing machine. The experimental results showed that the composite lubricant with a 1∶4 mass ratio of BP nanosheets to GO exhibited the best tribological performance. Comprehensive test analysis confirmed that the excellent tribological properties of BP-GO composite lubrication additives were attributed to the synergistic effect of adsorption and tribological chemical reactions. This finding provides guidance for developing new lubricants for the fabrication and processing of titanium alloys.