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The effects of hot pressing pressure, sintering temperature and Y2O3 content on the hardness, the density, the flexural strength and the fracture morphology of the iron-based matrix were studied by orthogonal test, and the better sintering process parameters were obtained. On this basis, the iron-based diamond tool containing Y2O3 was prepared, and its fracture morphology, wear resistance and sharpness were detected and analyzed.The results show that the order of factors affecting the relative density and the hardness of the iron-based binder matrix containing Y2O3 is Y2O3 content, followed by the sintering temperature and the hot pressing pressure, and the influencing factor order of the flexural strength is sintering temperature, Y2O3 content and hot pressing pressure. Y2O3 can promote the densification of iron-based diamond matrix structure and reduces its sintering temperature. Under the better sintering process with sintering temperature of 780 ℃ and hot pressing pressure of 51 kN, an appropriate amount of Y2O3 can reduce the porosity of diamond tools, improve the bonding condition, and enhance the holding ability of binder to diamond abrasive particles.