The cyclic oxidation tests of Cu-based brake pads at temperatures of 25, 300, 400, 500, 550, 600, 650 and 700 °C were conducted to simulate the oxidation of the friction surface under different braking speeds. Furthermore, the effect of cyclic oxidation temperature on the compressive strength was investigated. The results show that the cyclic oxidation process of Cu-based brake pads can be divided into three stages: mild oxidation (≤400 °C), moderate oxidation (500–600 °C) and severe oxidation (≥650 °C). Mild oxidation results in the formation of spherical Cu2O particles. The surface is covered by Cu2O and Fe2O3 nanosheets for moderate oxidation. Severe oxidation is characterized by a continuous thick CuO film, Fe2O3 nanosheets, and eroded graphite particles. The compressive strength and toughness of Cu-based brake pads show a declining trend as the cyclic oxidation temperature rises. The compressive strength of the Cu-based brake pad after oxidized at 700 °C, recorded at 30.56 MPa, is considerably lower than that of the original samples, which was 132.2 MPa. This reduction in compressive strength is attributed to the embrittlement of the metallic matrix and the formation of pores from graphite oxidation.