The invention discloses a multifunctional clean drag reducing agent used for shale gas fracturing. The drag reducing agent is prepared by an initiated polymerization reaction of an internal phase andan external phase under the action of an initiator; the external phase is composed of glycerol carbonate and allyl polyoxyethylene ether; and the internal phase is composed of (2-acryloyloxy)ethoxybenzyltriethylammonium chloride, N-vinylpyrrolidone, an organic salt and water. The preparation method comprises the following steps: separately preparing the external phase and the internal phase; moving the external phase into a reaction vessel, turning on stirring, adding the internal phase into the external phase, removing oxygen by introducing a nitrogen gas, performing stirring for 20-40min, adding the initiator dropwise, closing the reaction vessel, and performing a polymerization reaction to obtain the target drag reducing agent. The drag reducing agent provided by the invention integrates a plurality of functions such as resistance reduction, sterilization, swelling prevention and discharge aiding, and solves a plurality of problems, for example, on-site liquid dispensing operation is complicated, the workload is large and the costs are high because conventional slick water needs to add a plurality of medicines such as a drag reducing agent, a bactericide, an anti-swelling agentand a discharge aiding agent.