In order to achieve the CWD (coring while drilling) without affecting the ROP (rate of penetration), it is necessary to develop a new CWD drill bit. In this paper, a new CWD drill bit was designed based on previous research achievements and existing design methods, combined with the structure of a CWD drill bit and rock breaking characteristics. Then, its rock breaking performance and ROP were tested in bench tests and field tests. Finally, the test results and the theoretical calculation results were compared and analyzed. And the following research results were obtained. First, a dedicated jet channel is designed inside the new drill bit. The high-pressure drilling fluid that flows out of the jet nozzle generates negative pressure effect while passing through the adsorption channel, to carry the cored rock to the push channel and then to the annulus. Second, the new drill bit is quite remarkable in ROP improvement. The ROP is increased by 5–40% in field tests with a displacement rate of 25 L/s. Third, the rock breaking performance of the new drill bit in laboratory tests and field tests is coincident with the theoretical calculation results, verifying its reliability. It is concluded that the new drill bit has the effect of "entraining the lower cuttings and pushing the upper cuttings" in the process of rock breaking and it can reduce the repeated cutting breaking rate and significantly improve the ROP and efficiency.