The effects of graphite and hexagonal boron nitride (h-BN) as solid lubricants and aluminum oxide (Al2O3) and boron carbide (B4C) as abrasives on brake friction performance were evaluated. Friction material samples were produced based on an experimental formulation, and the lubricants and abrasives were added to the raw materials mixture at a total volume fraction of 10.5%. The composites had a fixed composition of 25% resin, 22% fibers, and 42.5% fillers. The friction tests were performed on a Chase friction material testing machine according to the brake lining quality test procedure as per SAE J661. The friction materials containing h-BN-B4C and h-BN-Al2O3 showed better friction stability and improved fade resistance compared to those containing graphite-Al2O3 and graphite-B4C. The results also indicated that the friction coefficient and specific wear rate of the composites increased with decreasing solid lubricant and increasing abrasive content. The worn surfaces and wear debris of the composites were examined using a scanning electron microscope (SEM) coupled with an energy-dispersive X-ray spectrometer (EDS). The atomic fraction of Fe on the worn surfaces and wear debris of the composites increased with decreasing solid lubricant and increasing abrasive content.