A method for designing a drill bit that has at least one roller cone and a plurality of cutting elements, including selecting initial bit design parameters. Drilling simulations are then used to determine wear, and the simulated drill bit is changed to reflect the determined wear. Then, at least one design parameter is adjusted. The simulation, determination, change of the simulated drill bit, and adjustment may be repeated until at least one performance parameter of the drill bit is optimized. A drill bit can be designed using such a method.