A GREASE COMPOSITION THAT COMBINES GOOD WATER RESISTANCE, GOOD MECHANICAL STABILITY AND HIGH OIL RETENTION WITH EXCELLENT OXIDATION STABILITY AND HIGH DROPPING POINT IS PREPARED BY THE USE OF A NOVEL THICKENER SYSTEM WHOSE ESSENTIAL COMPONENTS INCLUDE A COMBINATION OF THE MONOLITHIUM SALT OF BORIC ACID; AND A LITHIUM SOAP OF A 9-, 10-, OR 12-HYDROXY C12 TO C24 FATTY ACID, E.G., LITHIUM 12HYDROXYSTEARATE. FURTHER IMPROVEMENT IN THIS TYPE OF GREASE RESULTS WHEN A THIRD THICKENER COMPONENT IS INCLUDED, THIS BEING A LITHIUM SALT FORMED IN SITU IN THE GREASE FROM A SECOND HYDROXY CARBOXYLIC ACID OF FROM 3 TO 14 CARBON ATOMS WHEREIN THE OH GROUP IS ATTACHED TO A CARBON ATOM NOT MORE THAN 6 CARBON ATOMS REMOVED FROM THE CARBOXYL GROUP, AND WHEREIN EITHER OF THOSE GROUPS MAY BE ATTACHED TO EITHER ALIPHATIC OR AROMATIC PORTIONS OF A MOLECULE.