Drilling fluids are essential operating additives for extracting oil and shale gas. Thus, their pollution control and recycling utilization are significant to petrochemical development. Vacuum distillation technology was used in this research to handle waste oil-based drilling fluids and achieve reutilization. Briefly, recycled oil and recovered solids can be obtained from waste oil-based drilling fluids whose density is 1.24–1.37 g/cm 3 by vacuum distillation under the condition of an external heat transfer oil temperature of 270 ± 5 °C and a reaction pressure below 5 × 10 3 Pa. Meanwhile, recycled oil has excellent apparent viscosity (AV, 21 mPa·s) and plastic viscosity (PV, 14 mPa·s), which could be used as a substitute for 3# white oil. Furthermore, PF-ECOSEAL prepared by recycled solids exhibited better rheological properties (27.5 mPa·s AV, 18.5 mPa·s PV, and 9 Pa yield point) and plugging performance (32 mL V 0 , 1.90 mL/min 1/2 V sf ) than drilling fluids prepared with the conventional plugging agent PF-LPF. Our work confirmed that vacuum distillation is a valid technology in innocuity treatment and resource utilization of drilling fluids and has great value in industrial applications.