In this work, we studied the high-speed tribological and mechanical properties of layered SiC particulate reinforced iron matrix composites. The layered composites consisted of a surface layer with high volume fraction of the reinforcement particles and a layer with low volume fraction in the bulk. The layered composites are a form of functionally graded materials with high wear resistance near the surface and high thermal conductivity in the bulk. The composites were prepared by standard powder metallurgy techniques. The tribological behavior of the composites was evaluated at 25 to 35 m/s sliding speeds using a subscale dynamometer disk brake testing system. The properties of the layered composites were compared to those of uniform composites. The results showed that the layered composites have better wear resistance and braking effectiveness in the range of braking speeds considered. The layered composites also showed higher bending strength than the monolayer composites due to the presence of the interfaces between the layers.