Abstract: This paper adapts adulterated mode of adding rare earth lanthanum, and selects matrix formula of rare earth & abundant ferrum carbide tungsten, then matrix mechanics capability and metallic phase analysis confirm a kind of optimum matrix formula of rare earth & abundant ferrum. Adulterating different amount of lanthanum in rare earth & high ferrum matrix, by mechanics capability and metallic phase analysis, this paper confirms the optimum amount of adulterating lanthanum is 0.5 percent of weight. Indoor single button impact testing shows composite buttons have excellent impact strength. Aiming at different special stratum, this paper chooses several representative rocks and concretes to drill indoor, and indoor drilling of rare earth & abundant ferrum diamond enhanced carbide tungsten composite button bit shows that composite buttons of suitable formulas have good impact strength & abrasion ability. Field drilling shows its bit has high penetration rate. By choosing different coating methods, materials, concentration of diamond, and sintering techniques, we can adjust performance of diamond enhanced composite button, then make rare earth & abundant ferrum diamond enhanced composite button bit have high drilling rate and long life-span characteristics.