In the practice of drilling horizontal, directional, and unstable well profiles, the friction produced by bit balling, wellbore instability, cavings, and dog-legs resulted in excessive torque and drag. The friction along with high torque and drag, which results from the drill string, casing, and wellbore contact, leads to pipe stucks, overpulls during tripping-outs, and even closure of the oil and gas well. Heat generated from metal contact between casing and drill string is the cause of wear of drill string and casing. Oil-based drilling fluids are identified to produce minimum friction and torque than that of water-based drilling fluid/mud (WBM). However, the use of oil-based drilling fluids is becoming obsolete due to stringent environmental regulations. Therefore, it is critical to identify and design a water-based drilling mud with lubricant additives that are environmentally friendly, cost-effective, and give better lubrication similar to oil-based and synthetic-based drilling fluid. The objective of this study is to investigate the effect of two additives PC60 (the product of the reaction of glycerol + tall oil fatty acid) and graphene nanoparticles on the rheological and lubrication properties of water-based drilling fluid. All together total 14 drilling fluid samples have been prepared for the detailed analysis. Extensive experimental work has been done to study the effect of lubricant additives (PC60 and graphene nanoparticles) on the rheology and lubrication of various WBMs with different additive concentrations (1, 2, and 3% by volume) at 30, 60, and 90 °C. All samples were investigated for their rheology, viscoelastic behavior, and lubrication properties before and after hot rolling. The experimental data generated in this work have been successfully utilized to find various fitting parameter for the Bingham plastic rheological model, followed by a discussion on foaming tendency of the samples and effect of pH on the rheological stability of drilling fluid. Subsequently, a relationship between the coefficient of friction (in the presence of different lubricant additives in the mud) and rheological properties (plastic viscosity and yield point) of different drilling fluid samples have been proposed. © 2021 Elsevier B.V.