The lubrication pump for rolling mills with an oil-air system is used for permanent, regular lubrication and cooling of bearings with an oil-air mixture. The change-over valve OVS 4 mixes the oil with the pressure air flow into a mixture, which is distributed by the pipeline to the individual lubricated points. The oil-air mixture lubricates the lubricated points and cools them at the same time and makes overpressure in the lubricated points to prevent impurities from entering from the surrounding environment.