The invention discloses an axial impact vibration drilling tool with adjustable impact characteristics. The axial impact vibration drilling tool comprises an upper joint, a bypass valve, a screw motor, a shell, a power input shaft, a universal shaft, a centering bearing, an axial vibration generating device and a lower joint, wherein the axial vibration generating device comprises a vibration starting shaft, a ball, a plane bearing, a spring assembly and a cam body. According to the tool, the screw motor is driven by underground drilling fluids, the vibration starting shaft is driven to rotateby the universal shaft, the ball on the step face of the outer side of the middle of the vibration starting shaft moves in a guide groove in the upper end of the cam body, the guide groove is a spacecam type rail, a periodic step height difference exists, and the ball periodically ascends and descends when moving in the guide groove. According to the axial impact vibration drilling tool, drill bit pressurization can be achieved at the bottom of a well, the mechanical drilling speed is increased, the mechanical drilling speed of drilling of a corresponding destination layer can be increased,and impact vibration characteristics can be regulated and controlled in cooperation with rock characteristics of different stratums, so that the optimal rock breaking efficiency is achieved, and the mechanical drilling speed of drilling of the corresponding destination layer is increased.