Molybdic acid-modified phenolic resin (Mo-PF) had been synthesized and was used to prepare fabric composites. Differential scanning calorimetry (DSC) and thermogravimetric analysis (TGA) indicated that the thermal properties were improved when the phenolic resin was modified by molybdic acid. The tribological properties of the fabric composites were evaluated by a pin-on-disk tribometer. Compared to the unmodified ones, the result showed that the fabric composites made by Mo-PF displayed a lower wear rate under all tested conditions. The optimal content of molybdic acid to modify the phenolic resin was obtained, as the correspondingly produced fabric composite displayed improved tribological properties. The effect of applied load, sliding speed, and environment temperature on tribological properties of the fabric composites and the related mechanisms were also discussed.