WC-Cu based hot-pressing diamond bit has been widely applied in all-hydraulic geological exploration, as well as deep and ultra-deep well drilling in the oil and gas industry. However, the effect laws and mechanisms of Cu and WC on the metal matrix composite need further study. Therefore, six WC-Cu based metal matrices were designed, and a series of samples with different dimensions were fabricated to conduct some specific physical and mechanical tests, namely, tests of relative density, Rockwell hardness, bending strength, impact toughness and abrasion weight loss. Additionally, the microstructure and diamond retention conditions of the WC-Cu based samples after bending strength test, as well as their wear morphologies after the pin-on-disc wear test, were analyzed by scanning electron microscope. Test results indicate that most of the physical and mechanical properties were improved with the increase of 663-Cu at first, and then monotonously declined. The increase of 663-Cu also shows an important influence on the samples’ microstructure, diamond retention capacity and wear mechanism.