Grinding performance of graphite (C) and molybdenum disulfide (MoS2) impregnated grinding-stone (GS) were investigated in detail. The results illustrated that abrasives pulled-out were dominated with the increase of self-lubricating fillers due to their stratified structure, which reduced the grinding amount and grinding ratio of GS. With the growth of the fillers, friction coefficient, grinding temperature, roughness, residual stress, and thickness of white etching layer (WEL) all decreased firstly and then increased, which were regulated by the wear of GS and lubricating effects of filler, and the thickness of WEL was reduced by 84.6% at most. GS with 2 wt% MoS2 offered the best overall grinding performance evaluated from the mechanical properties, grinding capacity and ground rail surface quality.