A process of manufacturing of segment for carbon thrust bearing uses stainless-steel (SS) round bars/sheets/logs of suitable grade as raw material. The SS round bars/sheets/logs undergo cutting operation to cut into SS billets. The billets successively undergo heating and hot forging processes to form segments of desired shapes. Thereafter, the segment is subjected to heat treatment process i.e. stress relieving, hardening and tempering process successively for obtaining consistent and uniform grain structure, mechanical properties and physical properties of segments which are cost-effective in terms of lower maintenance and lower handling efforts. After heat-treatment process, segment undergoes surface-finishing processes i.e. grinding, lapping and polishing successively for obtaining mirror like surface finishing that gives greater anti-friction property and lower co-efficient of friction. The manufacturing process according to present invention yields consistent grain structure, refine, dense and uniform microstructure of segments which imparts optimum strength, ductility, toughness and resistance to impact and fatigue.