Abstract: A hybrid bit with roller cones having inserts is disclosed, includes a bit body, blades and roller cones. All the fixed cutting elements at the inner cone section, nose section and shoulder section of blades herein constitutes two sets of corresponding fixed cutting elements respectively, forming two profile envelopes of fixed cutting elements at least in the interval at the nose section and shoulder section, the two profile envelopes of fixed cutting elements are spaced at high and low intervals at the nose section and shoulder section, forming two stages of cutting by fixed cutting elements; and the cutting position of the cone insert mainly corresponds to the nose section and shoulder section of blades, the outermost cutting profile envelope of cone inserts formed by all or part of cutting elements on cones herein is higher than the outermost cutting profile envelope of fixed cutting elements, forming the third stage of cutting.