Self-lubricating coatings based on the intrinsic properties of solid fillers often encounter numerous challenges. Rationally designed oil-solid biphasic coatings with ultra-low friction and high interfacial compatibility may offer a feasible solution. Herein, oily graphene oxide microdroplets were uniformly dispersed in epoxy resin via a micelle loading-desorption method, creating an oil-solid biphasic coating. The distinctive interfacial and tribological behavior of the biphasic coating is determined and analyzed. The interfacial lubrication state of the biphasic coating is more influenced by the viscosity–pressure effect of oil microdroplets rather than surface elastic deformation. Due to the introduction of modified graphene oxide nanosheets, the induced transition of the lubrication state, and the formation of an oil-based lubricant film, biphasic coating significantly reduced friction and wear, achieving a 92.7% reduction in the coefficient of friction and a 40.16% decrease in the wear rate compared to epoxy resin. The biphasic coating with excellent tribological performance proposed in this work shows huge prospects for achieving efficient lubrication (akin to human joints) in engineering components.