In this study, the behavior of greases during oscillating bearing operation with a small oscillation angle and high frequency was investigated. This mode of operation entails demands on the lubrication system that differ significantly from those for continuously rotating bearings. In order to determine the variables influencing the suitability of a lubricating grease for small angle oscillating operation, the grease samples were examined with particular regard to their rheological properties. The focus of this investigation was to find a relationship between the rheological parameters and the real behavior in the bearing. Therefore, rheological and physical parameters, which influence the long-term structural changes and lubrication conditions, were identified. For this purpose, the viscosity was measured over a wide shear-rate range. The storage and loss modulus, the work of deformation, and the adhesion force jump are also determined. Afterward, rotational transient flow measurements were performed. These allowed us to analyze the development of the shear stress over time, at a constant shear rate, and to examine the internal friction behavior by evaluating the energy density. Subsequently, grease-lubricated four-point bearings were used in component tests, while the frictional torque was measured. These bearings operated in oscillating motion. Moreover, the yield point of mechanically aged greases was measured and compared with that of fresh greases to examine the influence of the oscillating operation on the lubricant condition. Finally, correlations between grease composition, rheological measurements, and component tests were investigated. Thereby, parameters influencing the frictional behavior of greases in rolling bearings during oscillating operation at small swivel angles were identified.