Growing global energy demand and limited reserves of traditional energy resources are causing a growing energy shortage. In order to meet future energy needs, new energy resources must be continuously explored. Deepwater drilling research has emerged as one of the key ways to address this issue, and well structure slimming is an effective way to increase drilling speed and reduce costs. The hole size of the second section of deepwater wells decreases from a conventional 660.4 mm to 444.5 mm and increases from 500–800 m to 800–1200 m, creating problems where the conventional 660.4 mm cone bit cannot be used, the rate of penetration (ROP) of the cone bit is low, and the service life is short. To solve these problems, a 444.5 mm artificial polycrystalline diamond compact (PDC) was designed for the first time for use at home or abroad, and according to the characteristics and operation requirements of the 914.4 mm conductor jetting process, a unique anti-collision gauge protector was designed, an innovative bypass nozzle was configured, and a hydraulic design to prevent bit balling in shallow soft mudstone was formulated. PDC jetting bit-drilling technology based on well structure slimming was successfully applied to eight deepwater wells in the eastern South China Sea, which successfully jetted a 914 mm conductor and greatly improved the ROP of their second-section holes. When the below-mudline depth of the second-section hole increased by 37.01%, the average ROP increased by 227.84%. These technical achievements have successfully realized deep drilling with seawater, increased speed and efficiency, achieved good application results, and accumulated valuable experiences that can be used for reducing the cost and increasing the efficiency of offshore drilling operations.