The invention discloses a method for welding a drill bit with an overlaying material. The overlaying material adopted by the method has excellent anti-cracking ability, plasticity and toughness, and the volume percent (the metallographical measurement area percent) of carbides in a deposited metal structure of the overlaying material is higher, so that the welding process performance of an overlaying welding wire is good, and particularly, the overlaying welding wire is ensured to be completely melted when in welding, and the wettability of a welding bead is good; the drill bit welded by adopting the process of the invention has good heat resistance, abrasion resistance and high strength and hardness and also has a certain toughness.