Abstract: The drill bit and stabilizer gauge is a flexible, elongate strip that is wrapped about the circumference of a drill bit or drill bit stabilizer to measure the diameter. The strip has a rectangular tab at one end with a slot defined therein so that the opposite end of the strip can be inserted through the slot after being wrapped around the drill bit or stabilizer. A zero pointer is stamped on the tab adjacent the slot to ensure accurate measurement. A scale is imprinted on the strip with markings at each interval of ? times the dimensional unit and fractions thereof for reading the diameter directly. The gauge is made from spring steel, a thermoplastic material, or other suitable, inextensible, flexible material which has sufficient elasticity, but also sufficient stiffness, that the strip may be bent into a loop retaining a nearly perfect circular form.