A wear-resistant cutting bit for use on a mining or excavating cutting tool is disclosed. The cutting bit utilizes a hardened insert having a narrow base attached to the remainder of the cutting bit. An extended collar of the hardened insert projects from the cutting bit and ends with a generally conical section. The extended collar and narrow base of the hardened insert enable the cutting bits of the present invention to be more wear-resistant and cost-effective than other cutting bits used on mining and excavating equipment.