Friction and wear are the main causes of energy dissipation in automotive engines. To minimize the frictional power losses, it is extremely important to improve the tribological characteristics of ring/liner assembly which accounts for almost 40–50% frictional power losses. The present study attempts to mitigate friction and wear of the ring/liner tribo-pair using GNP/SAE 15W40 nano-lubricant. To simulate the ring/liner interface, the tribological performance of nano-lubricants was assessed using a tribometer based on ASTMG181 standard under various operating conditions. The coefficient of friction (COF) and wear rate lowered using graphene nano-lubricants (GNL). The tribological results showed that friction coefficient, wear rate, and surface roughness of piston ring improved in the range 17.71%–42.33%, 25%–40.62%, and 61%, respectively, under GNL lubricating conditions during the boundary lubrication. Further, the characterization of wear tracks of piston ring and cylinder liner confirmed tribo-film formation on worn surfaces resulting in decreased COF and wear rate.