The present invention is directed to a drill bit with non-cutting erosion resistant inserts. In one illustrative embodiment, the apparatus comprises a matrix drill bit body comprising a plurality of blades, a plurality of cutting elements positioned on each of the blades, the cutting elements defining a plurality of web regions, and a plurality of spaced apart, non-cutting erosion resistant inserts positioned along a face of at least one of the blades, at least a portion of each of the non-cutting erosion resistant inserts being positioned in front of one of the web regions.