Centerless grinding produces precision components with extremely high productivity due to three unique features regarding work support, which are the self-centering, the loose-holding and rotation friction drive mechanisms. The friction/wear characteristics of the regulating wheel play a leading role in these mechanisms. However, in previous studies, the friction/wear characteristics have not been clarified yet. This paper analyzes the work-rotation stability including the mechanism of spinner occurrence and presents the friction/wear characteristics of various regulating wheels measure with newly developed friction test machine. The effects of the characteristics on the grinding performance are discussed, and the setup guidelines for safe and precision centerless operations are proposed.