Paper-based composite friction material is a kind of key functional material for automatic transmission. In this study, five types of paper-based composite friction materials with different compound mineral fiber contents were prepared using the paper-making process. The effect of compound mineral fiber content on the properties such as shear strength, thermal property, friction torque curves, dynamic friction coefficient and wear resistance was studied. Meanwhile, the sensitivity of the friction coefficients was also investigated. Worn surfaces of samples were analyzed using scanning electron microscope. Experimental results revealed that the thermal properties of the samples were improved as the compound mineral fiber content increased and the shear strength increased initially and then decreased. The friction torque curve of the sample with 20% compound mineral fiber contents was the highest among all the samples and the sample with higher compound mineral fiber contents possessed the more flat friction torque curve during the mixed asperity contact phase of the engagement process. The dynamic friction coefficient increased with the increase of compound mineral fiber content and decreased as contact pressure and rotating speed increased. The wear resistance of the sample was highest when the compound mineral fiber content was about 15%.