Graphite-Ni composite powders were synthesized by mechanical alloying(MA) and spray drying(SD). Fabricated powders as well as commercial graphite-Ni powders were thermally sprayed on mild steel substrates using high velocity oxygen fuel (HVOF) thermal spray process and flame thermal spray process. The effects of several process parameters on related properties in thermally sprayed coatings have been investigated and correlated with microstructures in this study. The results indicated that the desired properties can be obtained when commercial powders were applied using HVOF process, while coating properties in case of MA powder application were inferior to those in HVOF process in so far. However, it is suggested that property enhancement can be obtained if the fraction of hexagonal graphite phase can be increased in mechanically alloyed powders.