Shale inhibition, low-temperature performance, the ability to prevent calcium and magnesium-ion pollution, and hydrate inhibition of polyethylene glycol drilling fluid were each tested with conventional drilling-fluid test equipment and an experimental gas-hydrate integrated simulation system developed by our laboratory. The results of these tests show that drilling fluid with a formulation of artificial seawater, 3% bentonite, 0.3% Na 2 CO 3 , 10% polyethylene glycol, 20% NaCl, 4% SMP-2, 1% LV-PAC, 0.5% NaOH and 1% PVP K-90 performs well in shale swelling and gas hydrate inhibition. It also shows satisfactory rheological properties and lubrication at temperature ranges from −8 °C to 15 °C. The PVP K-90, a kinetic hydrate inhibitor, can effectively inhibit gas hydrate aggregations at a dose of 1 wt%. This finding demonstrates that a drilling fluid with a high addition of NaCl and a low addition of PVP K-90 is suitable for drilling in natural marine gas-hydrate-bearing sediments.