The beneficial effect on lubrication achieved through microtexturing of sliding surfaces by laser ablation and polishing was investigated. The investigation was based on two independent experimental approaches with oil-lubricated smooth and laser-textured steel surfaces in oscillating sliding contact with a steel ball. Two types of laser-textured patterns of microcavities were studied. It was found that, in comparison with smooth steel surfaces, the laser-texturing significantly reduced friction and wear. The most significant improvement in the tribological performance was achieved with an oil of high viscosity combined with a texture comprising a low density of deep microcavities with a small opening.