In this study, tribological performance of phenolic resin-impregnated graphite in liquid nitrogen was tested, revealing that its cryogenic performance was worse than that of pure graphite, which conflicted with the observed application effects at room temperature. When the room-temperature environment was changed to liquid nitrogen, the wear resistance of pure graphite significantly improved. Therefore, the incorporation of phenolic resin was the fundamental factor determining the tribological degradation. Tribological and mechanical properties of phenolic resin were analyzed through cryogenic tests and molecular dynamics simulation. Brittleness of phenolic resin was further enhanced by the cooling effect of liquid nitrogen, leading to poorer cryogenic tribological performance of impregnated graphite. It is necessary to reconsider the application of phenolic resin-impregnated graphite for cryogenic environments.