With development of traffic speed, friction materials were required more and more high, in this paper polymer matrix friction material reinforced with fibers was studied. The rigid modified phenolic resin and the soft rubber were mixed to form “polymer alloy”, which was the matrix of friction material. When the amount of resin-rubber blending system was 20~25%, the friction material had better friction performance. Carbon fiber had distinct effects on friction performance and mechanical properties. Friction material was a multicomponents composition, so the physical and chemical changes in material were complex. By TEM it was observed that “sea-island” blending system was obtained by mechanical mixing, in which rubber particles formed uniform distribution. By FTIR analysis it was known that because of the force-chemistry of polymer and time-temperature equivalence principle, resin chemically reacted with rubber during the mixing process.