A method of making high performance friction materials with tailored levels of a ceramic hard phase to achieve optimum thermal conductivity, friction coefficient and wear performance of composite brake materials. In accordance with one method of the invention specific end-use application friction requirements are satisfied by tailoring the level of carbon in a selected carbon/carbon preform, heat treating the carbon/carbon composite preform, thereby affecting thermal conductivity so as to optimize overall braking performance prior to ceramic processing and by selecting an optimum level of ceramic hard phase to achieve satisfactory friction disc wear life and friction characteristics of the braking material.