The invention discloses lubricating grease composition and a preparation method thereof. The lubricating grease composition comprises components in parts by weight as follows: 70-85 parts of base oil, 10-13 parts of monostearate, 2-4 parts of polypropylene wax, 2-3 parts of urea, 0.2-1 part of triethanolamine salt, 0.5-0.8 parts of dioctyl phthalate and 0.05-0.8 parts of diisocyanate. The preparation method comprises steps as follows: (1), performing magnetic stirring on 70-85 parts of the base oil, 2-3 parts of the urea, 0.2-1 part of the triethanolamine salt and 0.05-0.8 parts of the diisocyanate for 30 min; (2), adding 10-13 parts of the monostearate, 2-4 parts of the polypropylene wax, 0.5-0.8 parts of the dioctyl phthalate and 0-1 part of an antioxidant to the mixture, stirring the mixture at the temperature of 80-100 DEG C for 20 min, adjusting the pH value of the mixed solution to 6.7 with 0.1 mol/L of a hydrochloric acid, and stirring the mixed solution for 1 h at the same temperature; (3), performing suction filtration on the product in step (2), washing the product with water thrice, and placing the product into an oven for drying for 3 h to obtain the lubricating grease composition.