Abstract: Intelligent drill bit technology, as the core direction of the intelligent development of drilling engineering, integrates perception, self-adaption, and decision-making control functions, significantly enhancing drilling efficiency, prolonging drill bit run lifes, and ensuring operational safety. The research progress of the two major technical paths of intelligent drill bits was systematically reviewed: Instrumented drill bits focus on near-bit high-frequency data acquisition. They have evolved from vibration monitoring to multi-parameter integrated measurement (such as Halliburton Cerebro Force and Baker Hughes MultiSense 2.0), achieving full-parameter perception of the drill bit’s dynamics. However, the real-time transmission and the ability to identify formation characteristics still need to be overcomed. Adaptive drill bits achieve dynamic optimization of the depth of cut and drill bit shape through passive hydraulic mechanical structures (such as the depth of cut control cartridge of the TerrAdapt drill bit) or active adjustment mechanisms (such as the prototype of the NOV retractable blade). This effectively suppresses stick-slip vibrations. However, the adjustment accuracy and active response capability are limited. The development prospect of intelligent drill bits was discussed. It is pointed out that the deep integration of instrumentation, adaptive technology, and decision-making control systems are the mainstream directions of the future development of intelligent drill bits. Based on the current challenges of intelligent drill bit technology, the key technological research directions for the future are proposed.