In this work, three kinds of phenolic resin bonded abrasive tool specimens containing β-cyclodextrin or its two complexes with dialkyl pentasulfide and sulfurized isobutylene at different contents were prepared by a cold compression method, respectively. The tribological properties of these abrasive tool specimens at different speeds and loads were investigated under water lubrication. The results indicated that filling of the complexes could improve the friction and wear performance of the abrasive tools. The minimum friction coefficient and wear rate were obtained when the content of the filler was about 15–20 wt.%. The friction coefficient of the abrasive tool decreased with the increase of speed and load, while the wear rate showed a reverse trend. X-ray photoelectron spectroscopy (XPS) analysis was employed to investigate the self-lubricating mechanism of the abrasive tool. It was found that the additives were released along with the decomposition of the complexes. The enhanced tribological properties of these abrasive tools were believed to stem from the formation of a self-lubricating layer that constituted by sulfide film and carbon deposited film, which had significant influence on the phenolic resin transfer process from substrate to the counter steel surface, and also had functions of anti-friction, anti-wear, and an improvement of surface quality.