This paper introduces a new kind of high-efficiency and long-life diamond bit with low-cost and substantial increase in deep hole drilling efficiency. The bit includes two structural styles: single-waterway and dual-waterway with high matrix. Under the precondition of ROP increasing by 20%, it can provide 200% service life than conventional drill bit. It gives an effective solution for the problem of short bit service life during deep hole drilling in the low or high abrasive formations.