The copper matrix composites were prepared by spark plasma sintering (SPS). The current-carrying friction and wear tests were carried out on a self-made HST-100 high-speed current-carrying friction and wear tester, and the effect of the graphite content on the current-carrying friction and wear properties of the composite material was studied. The results show that with an increase in graphite content, the average friction coefficient and wear rate of the two materials decreased significantly, the fluctuation amplitude of the friction coefficient was also significantly reduced, and the average friction coefficient of copper-coated graphite composite with graphite content of 10 wt.% was 0.100; when the graphite content was the same and more than 5.0 wt.%, the average friction coefficient and wear rate of copper–graphite composites were slightly higher than copper–copper-coated graphite composites; the current-carrying efficiency and current-carrying stability of the copper matrix composite were obviously higher than that of copper material; there was a mechanical wear area and arc erosion area on the wear surface of the composites, with the increase in graphite content, the adherence and the tear of the mechanical wear area weakened, the rolling, plastic deformation increased, and the surface roughness decreased obviously. The surface roughness of the wear surface of copper–copper-coated graphite composites with graphite content of 10 wt.% was 3.17 μm. The forms of arc erosion included melting and splashing, and were mainly distributed in the friction exit area.