Abstract: Earth-boring rotary drill bits include bit bodies comprising a composite material including a plurality of hard phase regions or particles dispersed throughout a titanium or titanium-based alloy matrix material. The bits further include a cutting structure disposed on a face of the bit body. In some embodiments, the bit bodies may include a plurality of regions having differing material compositions. For example, the bit bodies may include a first region comprising a plurality of hard phase regions or particles dispersed throughout a titanium or titanium-based alloy matrix material, and a second region comprising a titanium or a titanium-based alloy material. Methods for forming such drill bits include at least partially sintering a plurality of hard particles and a plurality of particles comprising titanium or a titanium-based alloy material to form a bit body comprising a particle-matrix composite material. A shank may be attached directly to the bit body.