The present invention relates to PTFE - based composition for reduced friction coefficient with steel and method of preparation thereof. Particularly, it relates to a Polytetrafluoroethylene (PTFE) based composition capable of reducing friction coefficient with steel under high axial loading conditions and also the method of preparation for the PTFE composition. The PTFE - based composition for reduced friction having 74.90- 97.90% wt. of polytetrafluoroethylene (PTFE), 0.1 - 25% wt. of glass fibers, and 1 - 10% wt. of graphene and a load bearing range of 10 MPa-100 MPa.