PURPOSE: To obtain a lubricating composition containing an antioxidant in an amount being sufficient for an antioxidant function and not causing precipitation, having a hardness necessary to prevent the composition from flowing out of the bearing and having very excellent oxidation resistance.

CONSTITUTION: 5-99wt.% lubricating grease such as a lithium soap/mineral oil system is mixed with 95-1wt.% powder of ultrahigh-molecular-weight polyolefin of an average molecular weight of 1×106 to 5×106, 2-10wt.% antioxidant such as phenylα-naphthylamine, phenothiazine or hydroquinone and 1-50wt.% solid wax, and the obtained mixture is heated to a temperature from the gel point of the polyolefin powder to the dropping point of the grease to effect dispersion and to form a solid lubricating composition for bearing.