Graphite/graphene particles were employed as functional fillers to modify hybrid polytetrafluoroethylene/polyisophthaloyl metaphenylene diamine (PTFE/Nomex) fabric-reinforced phenolic composites. The tribology behavior was investigated using a ball-on-disk wear tester, together with a 3D digital microscope. The graphite/graphene exhibits the synergetic effect from the results, which not only reduces the friction efficient but also improves the wear resistance of the composites. Moreover, the wear mechanisms were studied by the wear surface microstructure analysis. It is proposed that the synergetic effect includes mainly the positive rolling effect from the graphene and an improved load-carrying capacity brought by graphite. In addition, in order to obtain the optimized formulation to satisfy the bearing application, the influence of graphite and graphene content on the tribological property of the composites was studied in detail. On the basis of that, the application research was carried out on the bearing oscillating wear test, which will evaluate the engineering service life of the composite.