This paper presents an advanced concept in drilling optimization-the dynamic drilling strategy. The dynamic drilling strategy is a new methodology of drilling process planning and control; it combines theory of single-bit control with an optimal multi-bit drilling program for a well. In the simulation study, the dynamic drilling strategy was compared to conventional drilling optimization and typical field practices; the considerable cost-saving potential of 25 and 60 percent, respectively, was estimated. The method also appeared to be the most cost-effective for expensive and long-lasting PDC bits through better utilization of their performance and reduction in the number of bits needed for the hole.