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Safflower (Carthamus tinctorius L.) is an underestimated and multipurpose crop resistant to environmental stresses. Its oil presents useful chemical–physical properties, potentially exploitable for industrial purposes as a bio-based lubricant. In this work safflower oil was applied as a less toxic alternative to mineral-based hydraulic fluids. The extracted oil was partially refined and the antioxidant tert-buthylhydroquinone (THBQ) was added at two concentrations (0.25 and 3.00 mg kg−1). Efficiency tests of the obtained oil were carried out using an experimental test rig capable of simulating a real hydraulic system and performing severe short-duration work cycles with the aim of strongly accelerating the ageing of the tested oil. Oil performance was verified by monitoring hydraulic and chemical–physical parameters, which were correlated to the main lubricant properties through sensor detection and laboratory analysis in parallel. The results indicated that the safflower oil behaved well at both THBQ concentrations and showed good technical performance (operating pressure and temperature; flowrate and transmitted hydraulic power), though a higher THBQ concentration was necessary to protect the oil’s chemical–physical properties from worsening. In fact, the higher THBQ concentration allowed the test to be extended to 270 h, an improvement compared to the 150 h that was achieved with the lower THBQ concentration. Finally, the use of safflower oil for industrial and agricultural purposes seems feasible and would contribute toward the sustainability of the whole crop rotation in a prospective valuable circular economy.