Based on the existing research and combining with downhole conditions, this paper proposes a new type of downhole vibration tool to increase the rate of penetration (ROP), shorten the drilling and completion cycle and achieve more productive operations. As a whole, the axial vibration of the drill string is analyzed uniformly and the ROP is increased. A dynamic analysis model of the axial vibration of the drill string in the horizontal well is established. Based on the research on the working mechanism of the tool, this paper analyzes the flow area, pressure drop and axial force of the core valve system and determines the change law of the axial force. The field experiments verified the correctness of the established dynamic model method and the rationality of the tool and showed that the tool has a significant effect of increasing the ROP. The theoretical model established in this paper can improve the understanding of drill string dynamics. The proposed design method can provide ideas for the development of new drag reduction and speedup tools, and the calculation results can provide a reference for the determination and optimization of key parameters for drilling speedup.