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Various contents of carbon fibers (CFs) and potassium titanate whiskers (PTWs) were added to an Fe-based impregnated diamond bit (IDB) matrix to enhance its adaptability to percussive–rotary drilling. A series of mechanical tests were conducted successively to find the effects of the reinforcing materials on the properties of the Fe-based IDB samples. Then, the fracture surfaces of the samples were analyzed via scanning electron microscopy (SEM) and energy-dispersive spectroscopy, and the worn surfaces and abrasive debris of the samples were analyzed using a laser scanning confocal microscope and SEM. The results show that both the CF and PTW can effectively improve the hardness and bending strength of an Fe-based IDB matrix, and those parameters reached their maximum values at the additive amount of 1 wt%. However, the CF had a better enhancement effect than the PTW. Furthermore, the CF improved the impact wear resistance of the IDB matrix, with a minimum wear rate of 2.38 g/min at the additive amount of 2 wt%. However, the PTW continuously weakened the impact wear resistance of the IDB matrix with increases in its content. Moreover, the morphologies of the worn surfaces indicated that the minimum roughness of the CF-reinforced IDB matrix decreased significantly to as low as 4.91 μm, which was 46.16% lower than that without CF, whereas the minimum roughness of the PTW-reinforced samples decreased by 11.31%. Meanwhile, the abrasive debris of the CF-reinforced samples was more uniform and continuous compared to that of the PTW-reinforced samples. Overall, the appropriate addition of CF or PTWs can enhance the mechanical properties of Fe-based IDB matrices, which can be used on different formations based on their impact wear resistance. [ABSTRACT FROM AUTHOR]