A spiral drill bit for forming holes of a variety of sizes has a main body which provides first and second helical grooves. First and second flutes extend along the length of the main body to provide first and second helical groove segments. Cutting segments are provided between the helical groove segments. The method for forming the spiral drill bit includes turning the helical groove segments onto a round stock. An axial clearance and an initial diametral clearance are provided upon turning the helical grooves. A grinding process is used to form a radial clearance and a final diametral clearance. The reduction to the amount of grinding required to form the spiral drill bit results in a reduction to the cost of production and a reduction in the time necessary to produce the spiral drill bit.