The invention provides a grease composition, margarine or shortening prepared therefrom, and an application of the margarine or shortening. The grease composition comprises, based on the total mass of the grease composition, 20-90% of hydrogenated basa fish oil. The grease composition further comprises 0-40% of basa fish oil having an iodine value of 61-70 gI<2>/100g, and/or 0-40% of basa fish oil stearin having a melting point of 40-50 DEG C, and/or 0-60% of grease A which is not basa fish oil. The problem that butter resources are limited is overcome; the cost is reduced; and the problem that butter is liable to be grainy is solved. The grease composition is fine in crystallization and excellent in operation performance, and products made from the grease composition have excellent taste and appearance. The grease composition has pure rich special flavors extremely similar to butter, and is low in saturated fatty acid content, so that the products made from the grease composition are healthy.