Systems, program product, and methods are provided which include analyzing the drillability of a subterranean formation and a database of performance characteristics for drilling bits to facilitate bit design optimization and selection for that formation. Using component subterranean formation data, computer models can be generated for the drillability of a target section in terms of physical, mechanical, and micro-structural properties, and for postulated suitable drilling bit performance characteristics based on physical, mechanical, and micro-structural properties of the target section. The drilling bit performance characteristics are then updated by quantifying effects of the drilling system to be employed. Each performance characteristic can be normalized and plotted on its own axis for easy comparison. Next, a candidate drilling bit design is selected from a library of computer models of drilling bit characteristics for a suite of drilling bit designs. An optimization of the drilling bit design may be also performed.