This paper, use the Uniform Design method, study the Fe-P iron-based matrix formulation for diamond dill bit, based on the Regression Analysis and the Nonlinear Calculating method, study the consequence with MATLAB computing, and get the main affecting factors: the hardness increases with the content of Ni,Co, Fe and additives increasing, while the wear resistance is apparently affected by the interaction of Fe and Fe-p, but there is little influent by the content of Ni,Co and other additives. There are other consequences in the studying, one is that the hardness and wear resistance decrease with the increasing of 663-Cu; the other one is that the optimizes formulation analysis shows that the best harness is 139.5HRB,and wear resistance is 0.056g,which can not achieve the best value of two aspects for the same formulation.