The invention discloses a modified recovered cutting fluid, consisting of the following components in percentage by weight: 90-99.98% of recovered cutting fluid, 0.01-9% of extreme pressure resisting chelated anti-settling agent and 0.01-1% of nonionic surfactant. The modified recovered cutting fluid is prepared by adding function components into the recovered cutting fluid, which solves the problem of poor quality of the cutting pieces in the using process of the recovered fluid. The invention effectively solves the problems that the silicon wafers in the 100% recovered fluid is difficult to wash and dirty wafers are easy to generate and effectively reduces the surface damage of the silicon wafers so as to improve the yield of the cutting pieces. The modified recovered cutting fluid caneffectively reduce the cutting cost, turn the waste cutting fluid into useful products, reduce environment pollution and realize the reutilization of the resources.