The article explores the potential use of polyethylene (PE) waxes as multifunctional components in lubricating grease formulations. The main industrial applications of PE waxes are identified. It is substantiated that, within lubricating greases, PE waxes can function as thickeners, stabilizers, and structuring agents, enhance hydrophobicity, and act as anti-friction additives. Using the example of polymer wax PEW-0200 produced by Nanjing Tianshi New Material Technologies Co., Ltd., experimental studies have shown that increasing the PEW-0200 content from 5% to 20% in the grease formulation results in a higher dropping point, improved consistency, increased dynamic viscosity, enhanced colloidal stability and hydrophobicity, as well as better lubricating performance. It is proposed to use polymer wax PEW-0200 as a relatively low-cost thickener compatible with used oils, enabling simplified production of cost-effective lubricating greases for various industrial applications.