Friction drive and wear control is a tough issue for linear standing-wave ultrasonic motors with intermittent contact and impact friction. For the widely recognized reduction of friction/wear, minimum quantity lubrication was adopted to improve the output performances and services for motors through friction regulation. Given different preload and driving voltages, the mechanical characteristics of motors with minimal quantity lubrication were investigated using a homemade test rig. Results show that output performances and driving efficiency under film lubrication differ from those of dry friction. The optimized driving voltage was reduced by 31.5% and the minimum startup voltage was reduced by 41.67% using film lubrication. Additionally, the output speed increased by 26.29%, and thrust decreased by 41.26% under uniform exciting conditions (e.g., 150 V at 39.14 kHz). The existence of film lubrication broadens the effective frictional contact boundary, and effective friction contribution enhances the driving efficiency (the maximum efficiency of motors increased by 14%). Furthermore, the singularity of the effect of preload is significantly improved after lubrication, and the friction interface of the stator/slider becomes more controllable. Suitable lubrication is critical to the improvement of startup performance and prone to realize low-voltage driving, and the combination of lubrication regulation and wear inhibition is conducive to the durability and reliability of motors. This study provides an additional alternative for performance improvement of linear standing-wave motors apart from frictional materials.