Impact-sliding experiments were performed by using four self-made lithium-based greases, namely Yangtze Grease 1, Yangtze Grease 2, Yangtze Grease 3, and Yangtze Grease 4. The influence of base oil viscosity, thickener content, and morphology of thickener fiber clusters on the lubricating state were visually explored, combined with field-emission microscopy and two-light interference technology. The grease film distribution at the middle was measured using Dichromatic Interference Intensity Modulation (DIIM) software. All experiments were executed in a completely flooded environment. The results show that among the components of grease, the base oil’s viscosity has the greatest impact on the anti-wear performance of the grease. As the viscosity of the base oil increases, the grease exhibits better anti-wear performance. The grease film thickness under the condition of high-viscosity base oil is about 10 times higher than that under the condition of low-viscosity base oil. Secondly, the content of thickener in the grease needs to be controlled within a reasonable range. The experiments indicate that the effect of thickener content on the grease’s film-forming properties becomes more pronounced at higher speeds. From the experiment using YG 4, it can be seen that a higher thickener content under high-speed conditions increases the thickness of the lubricating grease film by about 10 times. The dimensions of the thickener fibers and the density of their entanglement structure significantly influence the rheological properties and load-bearing capacity of the grease. Larger fiber sizes and higher entanglement densities result in reduced grease fluidity and recovery but enhance its load-bearing capabilities. In order to obtain the best anti-wear performance during impact-sliding motion, the size of the thickener fiber and the density of the entanglement structure need to be controlled within an appropriate range.