This paper deals with the analysis of the transient shear flow behavior of lithium lubricating greases differing in soap concentration and base oil viscosity. The shear-induced evolution of grease microstructure has been studied by means of stress-growth experiments. With this aim, different lubricating grease formulations were manufactured by modifying the concentration of lithium 12-hydroxystearate and the viscosity of the base oil, according to a RSM statistical design. Moreover, atomic force microscopy (AFM) observations were carried out. The transient stress response can be successfully described by the generalized Leider-Bird model based on two exponential terms. Different rheological parameters, related to both the elastic response and the structural breakdown of greases, have been analysed. In this sense, it has been found that the elastic properties of lithium lubricating greases were highly influenced by soap concentration and oil viscosity. The stress overshoot, τ max , depends linearly on both variables in the whole shear rate range studied, although the effect of base oil viscosity on this parameter is opposite at low and high shear rates. Special attention has been given to the first part of the stress-growth curve. In this sense, it can be deduced that the “yielding” energy density not only depends on grease composition, but also on shear rate. Moreover, an interesting asymptotic tendency has been found for both the “yielding” energy density and the stress overshoot by increasing shear rate. The asymptotic values of these parameters have been correlated to the friction coefficient obtained in a ball-disc tribometer.