The invention discloses a drilling fluid prepared from the following components in percentage by mass: 3.2-3.5% of bentonite, 0.1-0.2% of Na2CO3, 0.3-0.5% of polymer encapsulating/inhibiting agent, 0.5% of polyamine inhibitor, 1.0-1.5% of compound ammonium salt, 3.0-3.5% of high-temperature-resistant filtrate loss reducer, 2.5-3.0% of salt-resistant filtrate loss reducer, 0.8-1.2% of mud cake quality improver, 4.0-5.0% of modified asphalt, 2.5-3.0% of efficient anti-sloughing agent, 3.0-3.5% of anti-sloughing lubricant, 0.3% of film forming and wall fixing agent, 2.0-2.5% of extreme pressure fluid lubricant, 0.2-0.3% of flow pattern regulator, 8.0-10.0% of KCl, 0.2-0.3% of NaOH and the balance of water. The invention also provides a preparation method of the drilling fluid. The drilling fluid has favorable anti-sloughing, lubricating, anti-blocking and wellbore cleaning abilities.