The present invention provides finishes for elastic fiber, which produce elastic fiber yarn having superior antistatic, unwinding, package buildup performance and lubricity properties. The present finishes further minimize fly sticking on the elastic fiber during the knitting operation of elastic fiber yarn and cotton spun yarn.The finishes of the present invention contain 80 to 99.99 parts by weight of at least one base component selected from the group consisting of silicone oils, mineral oils and ester oils, 0.01 to 10 parts by weight of amino-modified silicones and 0.0001 to 10 parts by weight of phosphate esters containing an acidic hydroxyl group and at least one hydrocarbon or oxyalkylene group per molecule.The elastic fiber of the present invention is characterized with the application of the finish in an amount of 0.1 to 15 weight percent of the fiber.