This paper reports on the preparation of six formulations (G1‐G6) containing mixed soap greases based on cotton soap stock, aromatic extract, heavy alkylate and lube base oil. The physicochemical properties of these ingredients were characterised. The consistency, dropping point and mechanical stability of the formulated greases were assessed and tested in accordance with the National Laboratory for Grease Institute standards, and compared with the Egyptian Standards. The properties of the formulated grease G4 proved to be the best. The work reported also includes preparation of itaconyl‐o‐tolidine‐, itaconyl bisaniline‐ and itaconyl m‐phenylene‐ amide polymers. The structure of these polymers was investigated using infrared spectroscopy, micro analysis and gel permeation chromatography. The polymers prepared were evaluated as antioxidants for the optimum formulated grease G4. The study revealed that the itaconyl m‐phenylene amide polymer was a weak antioxidant, while itaconyl bisaniline‐ and itaconyl‐o‐tolidine amide polymers showed good anti‐oxidation property.