Traveling wave ultrasonic motor (TWUSM) is driven by friction force between stator and rotor. Then friction material properties are very important on the output characteristics of TWUSM. Under the guidance of an optimization design principle of friction material, a kind of Ekonol composite friction material (EK2) was developed by modification study, orthogonal experimental design and regression analysis. Through the comparison between EK2 and other common friction materials, it was proved that the TWUSM with EK2 can get better running stability, higher output torque and longer lifetime. Therefore, EK2 is a good friction material which can satisfy the practical running needs of TWUSM.