Earth-boring rotary drill bits including bit bodies having boron carbide particles in aluminum or aluminum-based alloy matrix materials, and methods for forming such bits

Methods of manufacturing rotary drill bits for drilling subterranean formations include forming a plurality of boron carbide particles into a body having a shape corresponding to at least a portion of a bit body of a rotary drill bit, infiltrating the plurality of boron carbide particles with a molten aluminum or aluminum-based material, and cooling the molten aluminum or aluminum-based material to form a solid matrix material surrounding the boron carbide particles. In additional methods, a green powder component is provided that includes a plurality of particles each comprising boron carbide and a plurality of particles each comprising aluminum or an aluminum-based alloy material. The green powder component is at least partially sintered to provide a bit body, and a shank is attached to the bit body.