The tribological performance of copper-based powder metallurgical material is much influenced by the interfacial bonding between the components and matrix. By adding Cu-coated or uncoated graphite particles as a lubricant, two types of copper-based powder metallurgical materials were prepared via spark plasma sintering (SPS). The hardness, relative density, and thermal conductivity of the two specimens were firstly measured. Using an inertial braking test bench and temperature measuring instrument, the average friction coefficients, instantaneous friction coefficients, and friction temperatures of the two specimens were tested under different test conditions, and the wear rates were calculated accordingly. Based on the analysis of surface morphologies and elements distribution after the tests, the mechanisms of wear and formation of friction films were discussed. The results show that with the lubricant of Cu-coated graphite, the hardness, relative density, thermal conductivity, and interfacial bonding between the graphite and matrix can be greatly improved. Under the same test condition, the average friction coefficient, wear rate, and friction temperature of the specimen with added Cu-coated graphite are both lower than those of the specimen with added uncoated graphite. The two specimens show different variation trends in the instantaneous friction coefficient during the tests, and the variation of the instantaneous friction coefficient at a high initial test speed is also different from that at a low initial test speed for each specimen. The two specimens also show differences in the continuity of friction film and the content of graphite and oxide in the friction film.