Polytetrafluoroethylene (PTFE), renowned for its exceptional self-lubricating properties, extremely low friction coefficient, outstanding chemical stability, and wide temperature tolerance, holds an irreplaceable position in the field of anti-friction materials. It has become one of the preferred materials for criticalfriction pairs in high-end equipment and precision machinery. To further enhance its comprehensive performance and expand its application boundaries, researchers worldwide have focused on optimizing the tribological behavior of PTFE through techniques such as filler modification, surface treatment, and composite material preparation in recent years. This review systematically summarized the research progress on PTFE-based anti-friction materials, with a particular emphasis on optimization strategies for modification processes, interfacial interaction mechanisms, and their impact on tribological properties. Additionally, it comprehensively analyzed the influence of environmental and operational factors, including temperature, humidity, load and counterface materials, on the tribological performance of PTFE. The review also outlined the specific applications and emerging trends of PTFE and its composites in traditional and cutting-edge fields such as aerospace, mechanical engineering, and the automotive industry. By synthesizing existing research findings, identifying key challenges, and highlighting development bottlenecks, this review aims to provide theoretical guidance and technical direction for future studies on PTFE anti-friction materials, thereby promoting their innovative applications across a broader range of industrial scenarios.