The invention relates to lubricating grease for a blaster head bearing of a shot blasting machine. The lubricating grease comprises base oil, a thickening agent, a structural modifier, an extreme-pressure anti-wear agent and an antioxidant. The lubricating grease is prepared according to the following steps: adding the thickening agent and 40-60% of the base oil into a reaction kettle, carrying out stirring and heating to 210-220 DEG C, keeping the temperature for 8-12 minutes, carrying out cooling to 160-180 DEG C, adding the antioxidant, carrying out cooling to 130-150 DEG C, adding the extreme-pressure anti-wear agent, adding 10-30% of the base oil, carrying out cooling, continuing to carry out stirring, adding the remaining base oil, carrying out stirring and cooling to 90 DEG C or below, adding the structure improver, and uniformly carrying out mixing by stirring. The produced lubricating grease has a relatively high melting point, good structural stability and good shearing resistance, and the consistency variation of the lubricating grease in a strong shearing environment in the bearing is small, so that the adhesion of the lubricating grease is guaranteed. The condensationpoint of the base oil is low, the cone penetration degree of the lubricating grease is 290-310, and the low-temperature pumping performance of the lubricating grease is ensured. The lubricating greaseis suitable for lubricating requirements of the working conditions of the blaster head bearing of the shot blasting machine.