Friction materials with three different formulations containing different solid lubricants were investigated to study the role of lubricants on the friction performance. The three friction materials contained 10 vol.% graphite, 7 vol.% graphite + 3 vol.% Sb2S3, and 7 vol.% graphite + 3 vol.% MoS2, respectively, with the same amount of other ingredients. Results of this work showed that each formulation had advantages and disadvantages. The friction materials containing two lubricants (graphite + MoS2 or Sb2S3) showed better resistance to fading and improved friction stability than the friction material containing only graphite. However, the friction materials with two lubricants showed disadvantages on anti-fading, wear resistance, and DTV generation.