The present invention provides a grease composition for automobile wheel hub bearings and its preparation method; the grease composition includes 84-89% of base oil, 10-54% of a thickener, 0.5% of an antioxidant and 0.5% of a tackifier; and 0.03% of a metal deactivator which is calculated by taking the total amount of the above components as 100%, is added. According to the grease composition and its preparation method, by adjusting the grease formulation and process, an optimum complex soap fiber structure is obtained, so that the shape and size of soap fiber and acting force among the soap fiber are proper, the grease has good capability to control the bearing temperature rise, the grease has the advantages of excellent high temperature loss resistance, good metal surface adhesion, lubrication and seal performances and the like, and also has good capability to control the temperature rise, the high temperature softening loss and early lubrication failure problems caused by the design and use characteristics can be alleviated, and the grease has the multi-effect and general characteristics of common complex soap base greases, and can better meet the requirements of the automotive wheel hub bearings on lubrication.