The invention discloses cooling compound oil and an LED liquid lamp, and relates to the technical field of light source illumination. The cooling compound oil is used for cooling an LED photoelectric module during working. The cooling compound oil comprises silicone oil and dispersion powder, wherein the ratio of the silicone oil is 90-98%, and the ratio of the dispersion powder is 2-10%. According to the cooling compound oil and the LED liquid lamp, as depowered high-power LED photoelectric module is dipped in the cooling compound oil, when the LED photoelectric module 150 works, the convection speed of upper and lower layers of compound cooling oil is fast, generated heat is quickly taken away, and meanwhile, the optical diffusivity is excellent.