The invention relates to lubricating grease, in particular to a method for preparing compound Ti-based lubricating grease based on polymethylphenyl silicone. Mineral oil, polymethylphenyl silicone, 12-hydroxystearic acid and benzoic acid are mixed and heated to 95 DEG C, and heat insulation with stirring is performed to obtain a mixture 1. The mixture 1 is heated to 120 DEG C, titanate is added, heat insulation with stirring is performed, during the period by-products are blown out and condensed and collected, and the mineral oil and polymethylphenyl silicone are added into the system after 5 h to obtain a mixture 2. The mixture 2 is slowly heated to 220 DEG C to perform high-temperature refining; after the mixture 2 is heated to a required temperature, maintaining the temperature for 1-5 min, and then pouring the mixture 2 into a stainless container, performing natural cooling to room temperature and then adding water and repeatedly performing stirring and shearing, performing grinding and homogenization, and obtaining the compound Ti-based lubricating grease. The dropping point of the compound Ti-based lubricating grease prepared according to the method can reach 336 DEG C, steel mesh oil separation is less, the evaporation loss is small, a copper sheet is corroded up to standard, and the compound Ti-based lubricating grease has low friction coefficient.