Abstract In conventional drilling a majority of drilling problems occur during tripping such as key seating and wall sticking. This leads to increase in rig time hence cost is unnecessarily high, especially in deep sea drilling. Conventional drilling techniques use rotary drill bits which need to be replaced depending on the formations encountered. If the formation is very hard, the bit has to be replaced by a diamond bit. These bit changes unnecessary increase trip time and eventually rig cost. This trip time which can take upto a day, especially for deep wells can be eliminated by using a novel "Replaceable Drill Bit" system. The concept of replaceable drilling bits is attractive for deep drilling because of the high rig costs and the lengthy round trips needed to replace worn bits. These bits are sturdy, capable of withstanding the high dynamic loads imparted by the vibrating drillstring and are capable of operating with highly abrasive drilling mud containing large amounts of sand and drill cuttings. Thus an entire hole can be drilled conveniently without frequent tripping operation to change the bit. Maximum efficiency can be achieved by this mechanism during drilling.