A process for preparing a semi-metallic friction material having improved thermal resistance includes preparing a semi-metallic composition containing (i) at least one carbonizable thermosetting resin as a binder; and (ii) at least one transition metal powder having a melting point higher than 1000° C. and density less than 10 g/ml; thermoforming said semi-metallic composition by curing said thermosetting resin; and heat-treating the resulting thermoformed product at a temperature of about 100 to 1000° C., preferably 200-600° C., to semi-carbonize said cured thermosetting resin.