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 graphite 10 vol.%, graphite 7 vol.%+$MoS_2$ 3 vol.%, and graphite 7 vol.%+$Sb_2S_3$ 3 vol.%, respectively, with the same amount of other ingredients. Results of this work showed that each formulation with different lubricants had unique advantages and disadvantages. The friction materials containing graphite 7 vol.%+$MoS_2$ 3 vol.% and graphite 7 vol.%+$Sb_2S_3$ 3 vol.% showed better resistance to fading and improved friction stability compared to the friction materials containing graphite only as a lubricant. However, the friction materials with two lubricants (graphite+$MoS_2$ or $Sb_2S_3$) showed disadvantages on DTV generation and rotor wear.