'grease-based' is a modern English compound formed from the noun 'grease' and the adjective-forming element from 'base' + '-ed', meaning 'having or based on grease'.

'grease' originates from Old English (e.g. 'græs' or similar forms) meaning 'fat' or 'tallow', while 'base' (adjective) comes via Old French 'bas'/'base' from Late Latin/Greek roots meaning 'foundation' or 'pedestal'. The compound 'grease-based' developed in recent English by combining these elements to describe things that use grease as a foundation.

Initially, 'grease' meant 'fat, tallow' and 'base' meant 'foundation'; together as a compound the meaning evolved to 'having grease as the foundation or main component', which is the current usage.