Rolling Bearings are crucial components for induction motors and generators in electric vehicles (EVs), as their performance considerably influences the system’s operational reliability and safety. However, the commercial greases used for bearing lubrication in EV motors pose a detrimental impact on the environment. In addition, they are ineffective in mitigating the effect of electric discharges on rolling surfaces leading to premature bearing failures. This study investigates the viability of a developed eco-friendly grease from palm olein as the base oil and glycerol monostearate as the thickener, enhanced with conductive multi-walled carbon nanotubes (MWCNTs) for EV motor bearings prone to electrical currents. Chemical–physical, tribological, and electrical tests were conducted on the developed grease samples without and with MWCNTs at 1 wt.%, 2 wt.%. and 3 wt.% concentrations and results were compared to lithium and sodium greases. Palm grease samples demonstrated a lower EDM voltage range reaching 1.0–2.2 V in case of 3 wt.% MWCNTs blends, indicating better electrical conductivity and protecting the bearing surfaces from electric-related faults. These findings were further confirmed using vibrations measurement and SEM-EDX analysis of the electrically worn bearings. Bearings lubricated with palm grease blends exhibited lower vibration levels. Palm grease with 2 wt.% MWCNTs reduced vibration amplitudes by 28.4% (vertical) and 32.3% (horizontal). Analysis of bearing damaged surfaces revealed enhanced damaged surface morphology for MWCNT-enhanced palm grease as compared to surface lubricated by commercial greases. The results of this work indicate that the proposed bio-grease is a promising candidate for future application in the field of next-generation electric mobility systems.