Abstract: The existing measuring device installed on the upside of current PDM motor fails to get the real data at the bit position, and the intelligent drilling suffers from serious data biases and unpredictable implementation risks at decision-making and control level. Therefore, a probe-type intelligent bit parameter measurement device was developed, which could be installed inside the bit and collect the real data of the bit without any change on the existing bottom hole assembly (BHA) and operating process. The hardware structure simulation optimization of the device was performed, and the theoretical hydraulic pressure loss was less than 0.1 MPa with a safety factor of 3.06 under the displacement of 30 L/s and annular pressure of 80 MPa. The error calibration and noise reduction of this device were achieved by six-sided method measurement together with auto regressive moving average (ARMA) model and moving Kalman filter. Field trials of the device have been conducted in 9 wells in Shengli Oilfield. The function of the device was verified, and the downhole data was compared based on the downhole engineering parameter measurement sub. The speed-up analysis and parameter optimization of the pilot wells were carried out through integrating the comprehensive logging data. The test results show that the probe-type intelligent bit parameter measurement device can collect the real data of the bit position, which can provide a reliable basis for the speed-up and efficiency improvement analysis and drilling parameter optimization.