The invention discloses a novel copper-based dip brazing alloy used in drilling bit production. Cutting drill teeth and a drill body form a whole by dip brazing. The dip brazing copper alloy has excellent mechanical property and high strength, toughness and abrasion resistance. A brazing process is simple and convenient and suitable for brazing drill bits of multiple types. When the brazing temperature is between 900 and 1,000 DEG C, the alloy comprises the following chemical components in percentage by weight: 5 to 10 percent of Ni, 3 to 9 percent of Mn, 3 to 5 percent of Fe, 7 to 13 percent of Sn, 0.1 percent of sigma RE and the balance of Cu. When the brazing temperature is between 950 and 1,150 DEG C, the alloy comprises the following chemical components in percentage by weight: 8 to 15 percent of Ni, 10 to 13 percent of Mn, 5 to 10 percent of Zn, 1 to 2 percent of Fe, 0.05 to 0.1 percent of Ce and the balance of Cu. When the brazing temperature is between 1,100 and 1,250 DEG C, the alloy comprises the following chemical components in percentage by weight: 15 to 20 percent of Ni, 5 to 10 percent of Mn, 3 to 5 percent of Fe, 0.05 to 0.1 percent of sigma RE and the balance of Cu.