The invention relates to high extreme pressure lithium-based lubricating grease. The production process comprises the following steps: adding 1/2 of base oil high-viscosity mineral oil, fatty acid, lithium hydroxide and calcium hydroxide according to the stipulated mixture ratio in parts by weight, performing saponification reaction at the temperature of 100 DEG C, then adding the heated oil, namely the remaining 1/2 of the base oil high-viscosity mineral oil, heating to 200 DEG C to the greatest extent to perform high-temperature refining, then cooling to 180 DEG C, further cooling to 110 DEG C, adding an antioxidant, an extreme pressure agent, an oily agent and a tackifier, then performing post-treatment by using a homogenizer or a cyclic shearing machine, filtering and packaging. Tests prove that the grease becomes thin when meeting water, the thinness is far less than that of traditional extreme pressure lithium, the grease is less prone to loss and can provide good anti-rust protection for bearings, when the water content in the grease is 15%, the extreme pressure performance is reduced to a smaller extent and higher than the extreme pressure performance of the traditional extreme pressure lithium grease, the bearings are not worn at all, the production is not affected, and the grease is very suitable for high load, high temperature, high speed and much water working conditions of the bearings.