The invention relates to a drilling fluid for drilling of a fractured igneous rock formation and a preparation method of the drilling fluid in the field of petroleum drilling. The drilling fluid is prepared from components in parts by weight as follows: 1,000 parts of water, 3-4 parts of drilling fluid bentonite, 2-3 parts of sodium carbonate, 2-3 parts of a polymer coating agent, 2-3 parts of potassium polyacrylate or a metal cation polymer, 5-10 parts of an organic amine inhibitor, 20-30 parts of an anti-sloughing reinforced wall fixation agent, 20-30 parts of sulfonated phenol formaldehyderesin, 5-10 parts of a sulfonate copolymer filtrate reducer, 20-30 parts of walchowite, 10-20 parts of an anti-salt and temperature-resistant fluid loss agent, 20-40 parts of superfine calcium carbonate, 50-70 parts of potassium chloride, 0-10 parts of an organic anti-friction compound and 10-20 parts of a nano-micro blocking agent, and the weight is increased to 1.30-1.85 g/cm<3> with a density weighting agent. The drilling fluid has good temperature resistance and lubricating property and excellent inhibition property and anti-sloughing wall fixation property and can effectively prevent thefractured igneous rock formation from collapsing; the rock carrying capability of the drilling fluid can be substantially improved, repeated grinding of larger falling blocks nearby a drill bit is prevented, the frictional resistance is reduced, the mechanical drilling speed is increased, and underground safety is guaranteed.