Adopting improved technology, oil-modified phenolic resins of different tung oil compositions were synthesized. Employing the modified resin as binder, new formulations of brake lining material were fabricated. Experimental results reveal that after tung oil modification, the tribological and thermal properties of both the resin and the friction materials therewith were greatly improved. As compared with the materials using other modified phelolic resins, the friction coefficients of the new materials are higher and more stable. Thermal and surface analyses indicate that the thermal decomposition temperature is higher and the high temperature wear is lower, but the low temperature wear is a little higher. The composition of the surface layer and the change of surface structure before and after rubbing were discussed.