In this work, a new application for recycled low-density polyethylene (LDPE), as rheology modifier of standard lithium lubricating grease formulations, was studied. The effectiveness of this additive was compared with that achieved with a virgin LDPE. With this aim, both types of polymers were added to the formulation during the manufacturing process of greases, following the same standard protocol, to reinforce the role of the thickening agent, the lithium 12-hidroxystearate. The effect that both lithium soap and LDPE concentrations exert on the rheology of lubricating grease formulations and its relationship with grease microstructure were discussed. Lubricating greases were rheologically characterized through small-amplitude oscillatory shear and viscous flow measurements. In addition to these, scanning electron microscopy observations and mechanical stability tests were also carried out. In all cases, an increase in soap concentration yields higher values of apparent viscosity and linear viscoelasticity functions. On the other hand, the values of the rheological functions obtained for recycled LDPE-based lubricating greases are, in general, higher than those obtained for virgin LDPE-based grease formulations. However, the structural skeleton developed in greases containing recycled LOPE demonstrates less resistance to severe working conditions, showing lower mechanical stability than virgin LDPE-based grease formulations.