Antetokounmpo, who initially was listed as questionable with a right quad tendon injury that caused him to miss Wednesday's win over the Pelicans, had 17 points in the final quarter, when the Bucks outscored the Grizzlies 37-19 to pull away.
He shot 12-of-23 from the field, including 3-of-7 from 3-point range, and added 11 rebounds, two assists and a steal to lead the Bucks to their 17th consecutive win.
"I thought he was fabulous," Bucks coach Mike Budenholzer said of the league's reigning MVP. "He makes at least one, maybe two 3s, finishing at the basket, and defensively, I think he is doing good things.
"So he was just outstanding in the fourth quarter."
Antetokounmpo missed his first game of the season Wednesday. He was upgraded to probable late Friday afternoon before the Bucks announced he would play.
Antetokounmpo has been on a tear to start the season, averaging 31.1 points, 13.1 rebounds and 5.4 assists in just 31.4 minutes per game.
The Bucks are tied with the Lakers for the best record in the league at 23-3.
Information from The Associated Press was used in this report.