Abstract: In order to improve the efficiency of drilling the hard rock formation, the structure of impregnated diamond bit matrix was designed as grid shape, and the rock fragmentation mechanism of impregnated diamond bit with grids matrix was theoretical analyzed while drilling hard rock formation. Also, Inconel 718 and cobalt chromium alloy samples were prepared by using powder metallurgy, the optimum sintering parameter was determined by studying the effect of sintering parameters on the hardness, abrasive resistance and bending strength. For comparison, the mechanical properties of Inconel 718 and cobalt chromium alloy fetal bodies sintered at the optimum sintering parameter were tested. The results show that Inconel 718 and cobalt chromium alloy both have a high bending strength, which meet the requirements of the bending strength of the matrix. The hardness of Inconel 718 is lower than traditional WC matrix and its abrasive resistance is faint. This is more suitable to be applied in the special working conditions of fast drilling speed, such as emergency investigation of geological disasters; besides, the hardness and abrasive resistance of cobalt chrome alloy are close to the traditional WC matrix and thus cobalt chrome alloy is more suitable to be used as an impregnated diamond bit matrix material.