Black Phosphorus (BP) is a single-element two-dimensional (2D) layered material, similar to graphene, where the atomic layers are stacked together by van der Waals interactions. BP has the advantages of high carrier mobility, tunable bandgap, large theoretical specific volume ratio, and good mechanical properties. It has bright application prospects in optoelectronic devices, energy storage, sensing, lubrication, and other fields. Based on a large number of papers, the structure properties, preparation methods, tribological properties, and lubrication mechanism of graphene-like layered BP are reviewed. The research trend of BP as a lubricating material are summarized and prospected: (1) Reduce production costs and further increase production, (2) research and development of diverse structures of nano BP, (3) improve stability, and (4) functional research.