The invention relates to a fracturing fluid, which includes a densifier I, a densifier II, a clay stabilizer, a bactericide, a pH conditioning agent, a cross-linking agent, a gel breaker and water, wherein the densifier I is nonionic polyacrylamide, and the densifier II is hydroxyethyl carboxymethyl cellulose. The invention further relates to a preparation method of the fracturing fluid. The preparation method includes: (1) during stirring, adding the densifier I and the densifier II to water, then adding the clay stabilizer, the bactericide, and the pH conditioning agent, performing uniform stirring to obtain an original glue solution, and performing standing for 3-5 h; and (2) adding the gel breaker, and then adding the cross-linking agent to obtain the fracturing fluid. The densifier I is nonionic polyacrylamide, and the densifier II is hydroxyethyl carboxymethyl cellulose. Since the fracturing fluid includes two densifiers of nonionic polyacrylamide and hydroxyethyl carboxymethyl cellulose, the fracturing fluid is small in densifier consumption, good in temperature-resistant shearing resistance, complete in gel breaking, low in residue content, cheap and available in raw materials, and low in cost.