Four kinds of polytetrafluoroethylene (PTFE)-based composites, such as pure PTFE, PTFE+30%(v)PbO, PTFE+30%(v)Pb3O4, and PTFE+30%(v)Cu2O composite, were prepared. The friction and wear properties of these metal oxides filled PTFE composites sliding against GCr15 bearing steel in both dry and lubricated conditions were studied by using an MHK-500 ring-block wear tester. Then the worn surfaces of these PTFE composites and the transfer films of these PTFE composites formed on the surface of GCr15 bearing steel were examined by using a Scanning Electron Microscope (SEM) and an Optical Microscope, respectively. Experimental results show that the friction and wear properties of these metal oxide-filled PTFE composites can be greatly improved by liquid paraffin lubrication, and the friction coefficients can be decreased by one order of magnitude. Meanwhile, the interactions between liquid paraffin and metal oxide-filled PTFE composites, especially the absorption of liquid paraffin into the surface layers of these PTFE composites, reduce the mechanical strength and the load-carrying capacity of these metal oxide-filled PTFE composites. This leads to the deterioration of the friction and wear properties of these PTFE composites. Investigations of the frictional surfaces show that Pb3O4, Cu2O, and PbO enhance the adhesion of the transfer films to the surface of GCr15-bearing steel, and thus promote the transfer of the PTFE composites onto the surface of GCr15-bearing steel. Therefore, they greatly reduce the wear of the PTFE composites. However, the transfer of these PTFE composites onto the counterfaces can be greatly reduced by lubrication with liquid paraffin.