The present invention provides water-resistant grease which improves the resistance to peeling which occurs from the surface of a bearing composed of carbon steel for machine structural use or the like even in a strict lubricating condition in which water may penetrate into the water-resistant grease during the operation of the bearing, and a rolling bearing and a hub bearing which use the water-resistant grease and have a long life. The water-resistant grease is composed of non-water-based base oil, a thickener, and a water dispersant used as an additive. The saturated amount of water dispersible in the water-resistant grease is 30 to 60 wt %. The water dispersant capable of dispersing the water in the water-resistant grease is a surface active agent. The non-water-based base oil is mineral oil. The thickener is a urea-based compound. The present invention also provides a rolling bearing and a hub bearing in which the water-resistant grease is enclosed.