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The invention provides association-type non-crosslinking fracturing fluid and a preparation method thereof. The association-type non-crosslinking fracturing fluid is prepared from hydrophobic modified partial hydrolytic polyacrylamide and derivatives of the hydrophobic modified partial hydrolytic polyacrylamide serving as active ingredients, a gel breaker, potassium chloride, an optional surface active agent and water, wherein each of the molecular structures of the hydrophobic modified partial hydrolytic polyacrylamide and the derivatives of the hydrophobic modified partial hydrolytic polyacrylamide contains acrylamide monomer unit, at least one biparental unsaturated monomer unit and at least one an anion alkene unsaturated monomer unit. As the molecular structure of a thickening agent contains a biparental monomer unit, a reversible super-molecule network can be formed in an aqueous solution through intermolecular hydrophobic association, and the high viscosity and the suspending power required by the fracturing fluid can be obtained without needing chemical crosslinking. The association-type non-crosslinking fracturing fluid based on the thickening agent has the characteristics of simple composition, low residue content, low damage, low friction, shear resistance, temperature resistance and salt resistance and can turn into a new generation of fracturing fluid system for replacing guanidine gum and fracturing fluid thereof.