The development of high performance impregnated diamond bits is a key tool to the development of drilling industry, which is especially important to improve the drilling efficiency and reduce the drilling cost in deep and complex formation. This paper reviews the new theories and technologies in designing and manufacturing impregnated diamond bits, and discusses the matrix, structure and manufacturing process in details. The study of the regulation of the diamond holding force by the matrix, such as the two major directions of strengthening matrix and weakening matrix, and the design mechanism of the matrix self-lubricating drill bit were introduced in detail for the design of the drill bit carcass. Next, new ideas in the design of the structure of the impregnated diamond bit were discussed, mainly concerning the design of the lip structure and the waterway system. Meanwhile, typical impregnated diamond bit design techniques were discussed, and the existing problems in the manufacturing process of pregnant diamond bits were discussed, and the application of 3D printing for the manufacture of complex structure pregnant diamond drill bits was considered to be promising in the future. It is important to keep abreast of the latest advances in the design and manufacturing technology and theory of pregnant diamond bits in order to accelerate the research and development of high performance impregnated diamond bits.