Short-fibre (e.g. steel wool, rock fibres and kevlar) reinforced flyash cenosphere-MoS2 combination filled phenolic composite materials for friction braking applications were developed and evaluated for their physical (density, void fraction, acetone extraction and ash content), mechanical (hardness, compressibility, shear strength) and thermal characteristics (TGA/DTG). Performance correlations between thermo-mechanical characteristics and friction braking data obtained from Krauss friction testing machine is attempted. The frictional fade (µF) and recovery (µR) behaviour vis-à-vis amplitude of friction fluctuations (µmax - µmin) performance were observed to be enhanced due to the incorporation of "cenosphere- MoS2" combination. The enhanced wear resistance was attributed to lower temperature sensitivity of post temperature degradation kinetics. Analysis of friction and wear data indicated µF and intrinsic material coefficients to be major determinants for µP and wear respectively. Our study demonstrates the performance synergism due to incorporation of cenosphere-MoS2 as the hybrid "filler-lubricant" combination in composite materials for friction braking application.