To provide a lubricating grease made proof against softening due to shear during the rotation of a rolling bearing, not causing insufficient lubrication on the friction surface of a bearing lubricated with a lubricating grease, being capable of stably rolling at a low torque without noise, and having a prolonged life.

This noise-reducing lubricating grease for a rolling bearing is prepared by adding 5-15 wt.% thickener containing at least 5 wt.% lithium salt of a 12-24C hydroxy aliphatic acid to a base oil containing at least 30 wt.% ester oil having a kinematic viscosity of 10-100 mm2/s (at 40°C) and a solubility parameter of 8.3-9.0. The grease is the one that does not deteriorate so much in the action of a rolling bearing when it is subjected to shearing action during e.g. the rotation of a rolling bearing because the affinity of the base oil for the thicker increases to a value higher than the requirements and can operate a rolling bearing in the state in which its acoustic characteristics, i.e., noise-reducing properties can be maintained for a long term.