The invention provides a bicontinuous phase micro-emulsion which comprises an emulsifier, a water soluble acid, an oil phase and a water phase. The emulsifier is an amine nonionic emulsifier. The invention further discloses a drilling fluid containing the micro-emulsion. The drilling fluid comprises the micro-emulsion, an oil base stabilizer, organic soil and a weighing material. The invention further discloses a preparation method of the micro-emulsion and the drilling fluid. The method comprises the steps that other raw materials are mixed, the water soluble acid is added for induction to obtain the bicontinuous phase micro-emulsion and the drilling fluid, or the other raw materials and the water soluble acid are mixed at first to obtain the bicontinuous phase micro-emulsion, a drillingfluid additive is added, and the bicontinuous drilling fluid is obtained. The bicontinuous phase micro-emulsion has the advantages that the unique oil phase and water phase bicontinuous characteristics, high shearing force, low plastic viscosity and viscoelasticity rheologic characteristics are achieved, the advantages of the oil phase and water phase drilling fluids can be shown at the same timewhen the micro-emulsion is used for the drilling fluid, and the water power transmission, suspension, rock debris carrying and well cleaning capability of the drilling fluid are enhanced.