In this paper we study a grade-two fluid driven by multiplicative Gaussian noise. Under appropriate assumptions on the initial condition and the noise, we prove a large and moderate deviations principle in the space Cpr0, T s; H m q, m P t2, 3u, of the solution of our stochastic model as the viscosity ε converges to 0 and the coefficient of the noise is multiplied by ε 1 2. We present a unifying approach to the proof of the two deviations principles and express the rate function in term of the solution of the inviscid grade-two fluid which is also known as Lagrangian Averaged Euler equations. Our proof is based on the weak convergence approach to large deviations principle.