This article investigates the impact of manufacturing technology on the structure, mechanical, and tribological properties of new antifriction composite materials based on R6M5 high-speed tool steel grinding waste. The characteristics of the new composite’s structure formation and its impact on properties after use of the established technological modes, including grinding waste regeneration, were illustrated. It was demonstrated that such technology is capable of ensuring microheterogeneous structure. The material’s structure consists of the metal matrix based on R6M5 high-speed tool steel waste and uniformly distributed CaF2 solid lubricant in the steel matrix. As compared to known iron-based composites, this structure promotes a high degree of mechanical and tribological properties. During tribological tests, anti-seize thin films of 15–20 μm are formed on the contacting surfaces. These constantly renewable films contribute to the high antifriction properties of the composite under the studied friction conditions and provide a self-lubricating effect. Such films fully cover both the material’s surface and the counterface. The formation of antifriction films results in the self-lubrication mode. The findings of the study open up the possibility of predicting the friction behavior of a composite at high temperatures by selecting the initial metal grinding waste to ensure the appropriate level of properties. The extensive use of various alloy steel-based industrial grinding waste in the re-production cycle would significantly contribute to resolving the global environmental problem of protecting the environment from pollution.