The utility model relates to the technical field of petroleum and natural gas drilling supporting devices and provides a drilling tool capable of generating axial impact vibration. The drilling tool comprises a sleeve, wherein an upper connector is installed on the upper portion of the sleeve. Two locating rings are fixedly arranged in the sleeve, each locating ring is provided with a plurality of flow guiding holes along the circumferential direction of the locating ring, an inner barrel is fixedly arranged between the two locating rings, a flow guiding device is arranged on the inner side of the upper portion of the inner barrel, a vibrating pup joint is slidably sleeved on the lower portion of the sleeve, and an impact device capable of generating axial impact on the vibrating pup joint is arranged between the vibrating pup joint and the inner barrel. The impact device is slidably sleeved on the lower portion of the inner barrel, and the lower end of the vibrating pup joint extends out of the sleeve and is in threaded connection with a lower connector. The characteristic that vibration can have influence on friction coefficient of friction pairs is utilized, an axial vibration anti-drag technology is introduced into drilling engineering, limitation of conventional anti-drag measures is broken through, friction drag and torque between a drill column and a well wall can be effectively reduced, and the drilling tool has the advantages of being effective and controllable and has extensive application prospect.