With the enhancement of environmental protection awareness, the requirements on drilling fluid are increasingly strict, and the use of ordinary oil-based drilling fluid has been strictly restricted. In order to solve the environmental protection and oil-gas reservoir protection problems of offshore oil drilling, a new synthetic basic drilling fluid system is developed. The basic formula is as follows: a basic fluid (80% Linear a-olefin + 20% Simulated seawater) + 2.5% nano organobentonite + 3.5% emulsifier RHJ-5 # + 2.5% fluid loss agent SDJ-1 + 1.5% CaO + the right amount of oil wetting barite to adjust the density, and a multifunctional oil and gas formation protective agent YRZ has been developed. The performance was evaluated using a high-low-high-temperature rheometer, a high-temperature and high-pressure demulsification voltage tester, and a high-temperature and high-pressure dynamic fluid loss meter. The results show that the developed synthetic based drilling fluid has good rheological property, demulsification voltage ≥ 500 V, temperature resistance up to 160˚C, high temperature and high pressure filtration loss < 3.5 mL. After adding 2% -5% YRZ into the basic formula of synthetic based drilling fluid, the permeability recovery value exceeds 90% and the reservoir protection effect is excellent. The new synthetic deepwater drilling fluid is expected to have a good application prospect in offshore deepwater drilling.