There are two main ingredients in WD-40; Mineral Oil and Stoddard Solvent. There are a couple of trace elements in it, but in such low concentration as to not require mention, and require a mass spectrometer to identify. And for those who read the sheet that says 'WD-40 was not created as a lubricant. It was made to be a 'water displacement' agent,' they are correct. That IS why 'it was made.' However, Coca Cola was made to be a medicine. They found other uses for it. Viagra was made to be a heart medicine. They found other uses for it. We found other uses for WD-40.
Mineral oil is a lubricant. It's a very effective lubricant when used correctly and for the right purpose. This means, it is NOT an effective lubricant for 5th Wheel axles. Those need heavy grease. It is NOT an effective lubricant on a condom. Those need a water-based lube. It is NOT a good lubricant to use on your pasta maker. It tastes like shit.
It is, however, a very effective lubricant where load-bearing is minimal and heat is not a factor, i.e. door hinges, bicycle wheels, small electric motors, etc. (this includes knife pivots.) It is effective in normal daily heat ranges that we experience in the US, Europe, Africa, and Asia. It is NOT recommended for the sub-zero climes of the Arctic.
WD-40 is oil mixed with Stoddard Solvent. This solvent thins the oil so that it will penetrate (hence the name 'penetrating oil,') between bolts and rusty nuts. Stoddard Solvent is highly volatile, which means it will evaporate almost instantly leaving virtually no residue of it self. So when mixed with mineral oil, the oil gets thinned, penetrates the crevices, then the solvent evaporates leaving a film of mineral oil behind. This is exactly what we want for knife pivots and blades. BUT...
Stoddard Solvent is poisonous! Do NOT drink it. Do NOT point the nozzle of a can of WD-40 into your mouth and press the button. However, if you spray it on a knife blade, wait three or four seconds, all that is left is mineral oil. If you wipe off the excess, which you should be doing anyway, the thin film of mineral remaining on the blade will not harm you in any way, but may taint the taste of your Eggs Benedict if you have a rather delicate tongue. That's a pretty mild-flavored dish. If you cut salami with the blade, you'll never know it was protected.
And... mineral oil is a pretty good metal protector. In fact, most metal-protecting formulas being sold under various names use mineral oil as a base. Then they add various chemicals to do specific tasks. PTFE (Teflon) or MOLLY are the most common. So, yes, there are better blade protectors on the market. There are better lubricants on the market. But for the remarkably low requirements we knife users have, on a score of 1-10, mineral oil comes in around 9. Even living in a tropical jungle environment as I do, WD-40 works. It's just not as cool to admit using it...
Stitchawl