The Weiyuan shale gas field faces problems of long drilling cycles and high development costs. Improving the drilling efficiency of polycrystalline diamond compact bits in shale formations will significantly reduce the overall well cost and duration. Previous applications have demonstrated that conventional PDC bits on the market cannot meet the demand for drilling acceleration. In this work, a new three-dimensional concave-shaped PDC cutter was proposed to improve drilling efficiency. The special 3D concave-shaped cutter has two symmetrical curved ridges on the concave surface and a circular plane at the center. The cutting mechanism of the new 3D concave-shaped cutter has been studied by laboratory experiments and numerical simulations. The research data revealed that, compared with a flat cutter, the tangential force of the original 3D concave-shaped cutter was reduced by 1.4%–35.0%, the axial force was reduced by 6.7%–37.6%, and the mechanical specific energy (MSE) was reduced by 1.6%–35.59%. Simulations showed that the shear action of the 3D concave-shaped cutter was divided into two continuous parts, with the sides and the center surface being stressed successively, which is helpful for extending shear cracks, forming trilobal cuttings, and improving cutting efficiency. With the special 3D concave-shaped cutter, an 8½-inch drill bit was designed and manufactured and tested on the Longmaxi shale in the Weiyuan block. Through field tests, we further compared the performance of the 3D concave-shaped cutter PDC bit with that of the flat cutter PDC bit. The 3D concave-shaped PDC bit had a 41.8% better footage and 22.6% better rate of penetration (ROP) in field test.