This study compared thermal and tribological properties of multilayered graphene‐based flyash filled and banana fiber reinforced brake friction composites with graphite‐based specimens. Two series of brake friction composites by varying the content of graphene/graphite (1, 2, and 3 wt%) were manufactured and tribo‐evaluated using a pin‐on‐disc type tribo‐tester. Tribological properties of the brake friction composites were studied at varying test conditions of normal load (50 and 150 N) and sliding velocity (3.3 and 9.9 m/s). Compared to graphene, the thermal stability remains higher for graphite lubricated composites and decreases with increased graphite/graphene loading. The developed graphite/graphene brake friction composites resulted in a reduction in friction coefficient with increasing sliding velocity and normal loads. The graphene‐filled composite exhibited higher friction performance with enhanced wear resistance at lower sliding velocity than graphite‐based composites. The friction performance of graphite‐filled composites and the graphene‐filled composite's wear resistance remains highest at higher sliding velocity conditions. Moreover, it is observed that the wear rate of graphene lubricated composites remains 21%–35% lowers than the graphite‐filled composite. Finally, the worn composite surfaces were analyzed using a scanning electron microscopy to study the possible wear mechanisms and to understand the nature of the formed contact patches/plateaus remain vital for deciding the tribological behavior of the composites.