Graphite emulsions are essential for lubrication and coating quality in ultrafine tungsten wire drawing, yet particle agglomeration and non-uniform films often limit performance. This study investigates the role of sodium carboxymethylcellulose (CMC) in stabilizing dispersion and tuning rheology using particle size analysis, UV–Vis, NMR, SEM, XPS, and rheometry. At 0.3% CMC, electrostatic double-layer and steric stabilization minimized agglomeration, reduced relaxation time, and induced pseudoplastic behavior favorable for pumping. The optimized emulsion formed smooth, adherent coatings on tungsten wires. Industrial validation confirmed a 41.7% increase in die life, extending cumulative drawing length to 85   km. These findings reveal the mechanism of CMC-enhanced dispersion–rheology coupling and demonstrate its industrial feasibility as an eco-friendly, high-performance lubricant.