Benzotriazole and borate derivatives have long been used as multifunctional additives to lubricants. A novel, environmentally friendly additive borate ester (NHB), which contains boron, ethanolamine, and benzotriazole groups in one molecule, was synthesized by a multi-step reaction, and its tribological properties in rapeseed oil (RSO) were investigated by a four-ball tribometer. The hydrolysis stability of the additive was investigated by half-time and open observation methods, and the mechanism of hydrolysis stability was discussed through Gaussian calculation. The novel compound NHB showed excellent performance under extreme pressure, against wearing, and in reducing friction, and its hydrolysis time is more than 1,220 times, which is better than that of triethyl borate. The mass ratio of NHB is bigger than that of the mixed liquid of triethyl borate and ethanolamine. The lone electron of amino N atoms forms a coordination effect with the B atom to compensate for the shortage of electrons in the B atom and to improve the hydrolysis stability of NHB. The surface morphology and the traces of different elements in the tribofilms formed with 1.0 wt.% NHB in were detected with scanning electron microscopy(SEM), energy dispersive X-ray spectroscopy (EDX)and X-ray photoelectron spectroscopy(XPS). The results shown that the additive caused a tribochemical reaction with the steel ball surface during the lubricating process. A mixed boundary lubrication film that contains organic nitrogen and inorganic salts, such as BN, B2O3, FeOx, Fe-O-B, and FeB, was also formed, and the formation of the lubricating film improved the tribological properties of the base oil.