The　Ni-graphite　solid　self-lubricating　material　with　good　plasticity　was　prepared　by　melting　method.　An　attempt　was　made　to　investigate　the　deformed　microstructure　and　properties　of　spheroidal　and　flaky　graphite.　The　results　show　that　the　Ni-graphite　alloy　presents　nearly　V　shape　in　three-point　bending　test　without　brittle　fracture　at　room-temperature,　the　elongation　ratio　of　spheroidized　as-cast　specimen　is　15.7%　while　the　tensile　strength　σb　is　259.5　MPa.　The　ingot　is　hot-forged　at　850°C　to　sheet　with　thickness　reduction　of　75.8%.　After　deformation,　the　graphite　perpendicular　to　compression　direction　forms　a　high　density　fiber　morphology,　and　the　tensile　strength　along　fiber　direction　increases　accompanied　with　the　decreasing　of　ductility.　During　the　extrusion　forming　process,　the　flaky　graphite　rotates　along　the　stress　orientation　and　cleavage　fracture　takes　place　in　weak　interface,　then　the　relative　slip　among　cleavage　planes　and　bridging　of　graphite　flake　lead　to　the　formation　of　long　fiber-like　microstructure.　Intergranular　crack　generates　and　spheroidal　graphite　is　stretched　gradually　during　the　bruising　process.