Magnetic pulsed compaction (MPC) was introduced to consolidate mixed diamond and cobalt (Co) granule powders for the production of drilling segments. The diamond-Co samples prepared by MPC at the compacting pressure of 4GPa showed a high sintered density of 99.6% as well as a high green density of 86.4%. A fine and homogeneous microstructure and a high hardness were also observed in the sintered bulk. Finally, a perforating test revealed that a higher drilling speed of 11.71cm/min and a longer tool life of 7.96m were obtained for the drilling segments prepared by the MPC process, whereas the values for those fabricated by a conventional process were 10.15cm/min and 6.55m, respectively. This property improvement of the MPCed segments was attributed basically to the enhanced green density and the homogeneous distribution of the diamonds.