This study investigated the tribological behaviors of two phenolic resin-impregnated graphite samples and one non-impregnated sample under dry and water immersion using a reciprocating testing device. The frictional configuration involved a steel hemisphere sliding against the surface of the graphite samples. The influence of water immersion time before each formal test on friction coefficients was discussed. The wettability evolution during the test processes and the difference in porosity, which could significantly affect water infiltrating into the sample matrix and frictional interfaces, were associated with the variation in tribological behaviors. The worn surface morphology and element analysis results indicated that the shallow valleys and pores on the surface of graphite were gradually filled by wear debris from both the graphite samples and the harder counterpart. Based on these experimental results, a tribological mechanism of the phenolic resin-impregnated graphite materials under water immersion was developed.