Water jet drilling is widely used to develop coalbed methane reservoirs. The water jet drill bit is the core component, and a self-rotating bit is an economical bit because of its high rock-breaking efficiency and low energy consumption. Because the important parameters concerning the rock-breaking efficiency of these drill bits are unclear, this study carried out rock-breaking experiments on water jet rotation under different conditions of drill bit rotation speed, jet pressure, and jet impact angle. How the rock was fractured and eroded under these different conditions was analyzed. The results show that the volume of rock broken under rotary jet erosion increases exponentially with increasing jet pressure. The rock-breaking depth is the most important factor that influences the volume of rock broken, whereas the diameter of the area broken is a secondary factor. There is an optimum water jet rotation speed for the most efficient rock breakage, and this rotation speed is positively correlated with jet pressure. There is also an optimum water jet impact angle for rock breaking, and, in our experiments, this angle was 10°. The rotary impact of the water jet causes the rock to be in a three-way tension state, and this reduces the water cushion effect and jet reflection. This study can be used as a reference and guide for optimizing the design of self-rotating water jet bits and the determination of reasonable drilling parameters.