Compared with the water-base drilling fluid, oil-based drilling fluid has always been one of the important technical guarantees in high temperature deep well, high-inclination directional well and all kinds of complex seismic exploration. With 5#white oil selected and taken as continuous phase, emulsifying agent, organic soil, tackifier, fluid loss agent, lime, other treatment agents and dosages are optimized and the optimal formula of oil-base drilling fluid is determined. This new type environmentally-friendly oil-base drilling fluid possesses good rheological properties, suspension capability, high temperature stability, stronger anti-pollution ability and common emulsion-breaking voltage of more than 2000 V. During the field application, this fluid possesses regular borehole diameter, good lubricity, stable borehole, simple preparation process, easy site maintenance and good reservoir protection features. Furthermore, it can solve complex formation, water expansion of clay shale, poor lubrication & drag reduction effect, poor reservoir protection effect and other technically-difficult problems.