A spherical hinge structure is a key swivel bridge element that must be considered when evaluating friction characteristics and lubrication properties to meet the rotation requirement. Polytetrafluoroethylene (PTFE)-based spherical hinge sliders and lubrication coating have been employed for over 20 years, but with the growing tonnage of swivel bridge construction, their capacity to accommodate the required lubrication properties can be exceeded. In this manuscript, the optimal friction coefficient of the spherical hinge is obtained through the finite element analysis method. Four lubrication coatings and four spherical hinge sliders are prepared and tested through a self-developed rotation friction coefficient test, four-ball machine test, dynamic shear rheological test, and compression and shear performance test to evaluate the lubrication and friction properties of the spherical hinge structure. The results of the finite element analysis show that the optimum rotation friction coefficient of the spherical hinge structure is 0.031–1.131. The test results illustrate that the friction coefficient, wear scar diameter, maximum non-seize load, phase transition point, and thixotropic ring area of graphene lubrication coating are 0.065, 0.79 mm, 426 N, 14.6%, and 64,878 Pa/s. The graphene lubrication coating has different degrees of improvement compared with conventional polytetrafluoroethylene lubrication coating, showing more excellent lubrication properties, bearing capacity, thixotropy, and structural strength. Compressive and shear tests demonstrate that polyether ether ketone (PEEK) has good compressive and shear mechanical properties. The maximum compressive stress of PEEK is 87.7% higher than conventional PTFE, and the shear strength of PEEK is 6.07 times higher than that of PTFE. The research results can provide significantly greater wear resistance and a lower friction coefficient of the spherical hinge structure, leading to lower traction energy consumption and ensuring smooth and precise bridge rotation.