The invention relates to a drill bit connecting device for oil exploitation. The drill bit connecting device comprises a connecting rod, a rotating rod, a positioning mechanism and a fixing mechanism, wherein the positioning mechanism comprises a positioning assembly and a centering assembly, the fixing mechanism comprises a fixing assembly and an auxiliary assembly, the fixing assembly is arranged on the connecting rod, the auxiliary assembly is arranged on the fixing assembly, and the auxiliary assembly is connected to the fixing assembly. According to the drill bit connecting device for the oil exploitation, through cooperation of the fixing mechanism and the positioning mechanism, the positioning effect is improved, installing of the rotating rod is facilitated, the rigidity of the rotating rod is enhanced, the rotating rod rotates more stably, friction between the rotating rod and the inner wall of a positioning groove is reduced, the service life is prolonged, the rotating rod can be disassembled under the condition that no disassembling tool is carried, the convenience is improved, the loosening condition of a moving ring can be concerned at any time through a knocking unit, and the use practicability is improved.