Abstract: The establishment of a scientific and reasonable management system for the in-service drilling tool detection,assessment,maintenance and utilizations is very important to prevent downhole troubles caused by drilling tool failure. A drilling tool integrity management method on the basis of risk-based inspection (RBI) is proposed, and the management process and its content are described. The main factors which should be taken into account in the risk assessment of drilling tool failure are analyzed qualitatively and quantitatively. The strategy of risk-based inspection and primary basis for evaluating the technical condition of drilling tools as well as its applicability have been investigated. The ways to achieve drilling tool maintenance and management based on its condition were illustrated through the application examples of magnetic memory inspection. Practice shows that the drilling tools integrity management through RBI method can play an important role in monitoring the technical condition of drilling tools, preventing damaged tools from running in hole and resulting in downhole troubles, keeping the reasonable utilization of tool resources.