The invention discloses an online detection method for scrap iron content in pivoting support lubricating grease and a lubricating grease online detection device. Automatic sampling of solid lubricating grease is achieved by using a lubricating grease online detection device in the online detection method. The scrap iron content in the lubricating grease is determined by using an inductance value change of a detection coil caused by scrap iron mill grains in the lubricating grease, so as to effectively judge the abrasion degree inside a pivoting support raceway; a real-time detection value is compared with a preset pre-warning value to judge whether the lubricating grease loses efficacy, so as to provide reference for optimization of the lubricating condition of the raceway. By adopting the online detection method, the online sampling difficulty due to the fact that the solid lubricating grease cannot flow is radically solved, online detection is achieved, the problems of long analysis period, complicated detection process and the like in off-line detection are avoided, and the online detection method has important significance on evaluation of the pivoting support operation state, improvement of the lubricating condition, effective prolonging of the service life of the pivoting support, and improvement of the operation reliability. The method is simple, easy to achieve, and high in automatic degree.