In order to study polycrystalline diamond compact (PDC)-cone hybrid bit penetrating rock formation, a series of mechanism analysis, numerical simulations and field drilling experiment are conducted in this paper. Firstly, the rock-breaking mechanism of hybrid bit is analyzed, including the mutual contribution of the roller-cone and PDC cutting structures to rock destruction. On this basis, the 3D finite element (FE) modeling of hybrid bit and PDC bit penetration rock formation is performed. In this process, the 3D uniaxial compression experiment and simulation are carried out to calibrate and determine the key property parameters of granite. Then, the torsional and axial dynamics characteristics of hybrid bit and PDC bit are quantified for comparison. The results show that, under the same drilling conditions, the torque fluctuation of the hybrid bit is reduced by up to 50% compared with that of the PDC bit. The hybrid bit also helps to mitigate torsional vibration and suppress stick-slip behavior. It can also increase the axial vibration amplitude without essentially leading to the rapid failure of drilling tool. Therefore, hybrid bit has higher rock-breaking efficiency in hard formations, which is in good agreement with the field drilling experiment results.