As a cost‐effective and environmentally friendly natural mineral, cryptocrystalline graphite (CG) is applied in rubber materials and its performance has been evaluated. In this work, the filler dispersion and mechanical and tribological properties of carboxylated acrylonitrile butadiene rubber (XNBR)/CG composites by different preparation methods were studied. XNBR/CG composites prepared by latex blending (XNBR/CG‐L) exhibited better mechanical and tribological performance, higher toughness, and lower heat build‐up than those prepared by mechanical blending (XNBR/CG‐M). These differences were ascribed to the filler dispersion degree, filler amount and dispersed size, and also filler–rubber interfacial interaction. Adding CG was conducive to improving the stability of the friction coefficient and reduced the wear rate via the formation of graphite lubricant and transfer films. The tribological performance of XNBR/CG‐L was superior to that of XNBR/CG‐M because of the improved tensile strength, tear resistance, and toughness as well as lower temperature rise. Scanning electron microscopy (SEM) and optical microscope observation showed a smoother worn surface, less and smaller wear debris of XNBR/CG‐L, and a more uniform transfer film on the steel counterpart surface. The relevant results provided new insight into the performance and structural design of CG/rubber composites.