The invention discloses a low solid phase and micro-foam drilling fluid or completion fluid capable of being used circularly, comprising the following components in portions by weight: 3-4 portions ofmicro-foam and low-solid phase composite treating agent SD-LGA capable of being used circularly, 0.5-1 portion of low-density and low-solid phase tackifier SD-LGV, 0.5-1 portion of low-density regulator SD-LFD, 0.5-1 portion of low-density foam stabilizer SD-LFS, 0.5-1 portion of low-density flowing type regulator SD-LFR and 100 portions of clear water. The preparation method comprises the following steps: sequentially adding the components into the clear water in a conventional preparation method according to the weight content of each component at normal temperature and normal pressure, andthen, uniformly mixing and stirring the components for use. The drilling fluid or completion fluid has the advantages of low solid phase, low density, high foam stability, high structural strength, high fluid phase viscosity, high flexibility, high lubricity, very low toxicity, easy biodegradation, circular use, little influence on environment, little harm to a storage layer, high permeability recovery value, good effect on protection of an oil-gas layer and the like, and is widely applied to a drilling engineering technology of petroleum and geology.