In this study, impregnated diamond cutting tools (Fe-Co matrix composite sockets) are processed by powder metallurgy method using hot pressing technique. The effects of Fe and B4C additions on the characteristic of diamond impregnated Co matrix composites have been investigated. Samples reinforced with and without B4C having three different compositions (different Fe / Co ratio) were produced under 25 MPa pressure and sintered at 800 ºC temperature. After sintering, hardness tests were carried out and wear tests were performed by pin-on-disc. The results showed that addition of Fe caused slightly decrease in the hardness of the matrix. However, reinforcing with B4C increased the hardness of the matrix. It is observed that wear resistance of B4C reinforced Fe-Co metal matrix composite was greater than that of composites without reinforcement (B4C) and commercial sockets. SEM and EDS techniques were used to characterize the composites.