The longitudinal vibration of the drill pipe contains considerable energy which can be used to improve the rock-breaking efficiency during drilling. It is very important to the development of drilling speed-up tools to have a comprehensive understanding of the energy conversion efficiency of downhole drill string vibration. In this paper, the characteristics of downhole bit load and longitudinal vibration of drill string under different conditions were studied in the experiment, and the analysis method of energy conversion efficiency from drill string vibration to spring potential energy was proposed. The experimental analysis showed that the fluctuation of the downhole bit load was reduced by 10%−90% after the spring was installed in the bottom hole assembly. The rotation rate and the spring elastic stiffness had a significant and positive influence on the fluctuation amplitude of the downhole bit load. Meanwhile, the longitudinal vibration amplitude and acceleration of the drill string peaked at the elastic stiffness of 1 kN/mm. The closer the spring position to the drill bit was, the more severe the longitudinal vibration of the drill string above the spring component was. The bit load and the rotation rate had a positive influence on the severity of longitudinal vibration. The analysis of energy conversion efficiency showed that the available mechanical energy range of the longitudinal vibration of the drill pipe was about 200−420 kW. The work power of the drill string vibration to the spring component increased sharply and then decreased with the increasing of elastic stiffness. The energy conversion efficiency came to the optimal value when the elastic stiffness was between 1 kN/mm and 2 kN/mm. Increasing the rotation rate, keeping the bit load below 134.5 kN and installing the spring component near the drill bit are beneficial for improving the energy conversion efficiency of drill string vibration. This paper reveals the main factors affecting the energy conversion efficiency of drill string vibration and their influencing laws, and determines the range of WOB, rotation speed, spring position and stiffness to obtain the best energy conversion efficiency.