A water-based lubricating grease composition includes at least 40 wt % water; a salt-based thickener; a polymer-based thickener; and optionally, an inorganic solid-based thickener. A process for preparing the water-based lubricating grease composition may include blending a suitable amount of water with a salt-based thickener to provide a thickened water-based grease, wherein the salt-based thickener is obtained from contacting a base with a fat; and adding a polymer-based thickener to the thickened water-based grease.