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Wiktionary
thermal grease

n. A viscous fluid substance, originally with properties akin to grease, which increases the thermal conductivity of a thermal interface by filling microscopic air-gaps present due to the imperfectly flat and smooth surfaces of the components.

Wikipedia
Thermal grease

Thermal grease (also called CPU grease, heat paste, heat sink compound, heat sink paste, thermal compound, thermal gel, thermal interface material, or thermal paste) is a kind of thermally conductive (but usually electrically insulating) compound, which is commonly used as an interface between heat sinks and heat sources (e.g., high-power semiconductor devices). The main role of thermal grease is to eliminate air gaps or spaces (which act as thermal insulator) from the interface area so as to maximize heat transfer. Thermal grease is an example of a Thermal interface material.

As opposed to thermal adhesive, thermal grease does not add mechanical strength to the bond between heat source and heat sink. It will have to be coupled with a mechanical fixation mechanism such as screws, allowing for pressure between the two, spreading the thermal grease onto the heat source.