The present invention relates to a heat-conducting oil composition, which comprises a shielded phenol compound, a metal deactivator, a rust inhibitor and a main amount of a lubricating oil base oil, wherein the structure of the shielded phenol compound is represented by a formula (I), and each group in the formula (I) is defined in the specification. According to the present invention, the heat-conducting oil composition can meet the increasingly stringent requirements of the high-specification products on the anti-oxidation performance, and further has advantages of excellent cleaning dispersing property, excellent corrosion resistance, and excellent rust resistance.