Aiming at the complex strata, lost circulation often occurs. and lost circulation control becomes a difficult issue. A drilling fluid loss accident delays the drilling progress and even causes major economic losses. If we take a self-made sodium polyacrylate grafting and modify a starch water absorbent resin, using an amphiphilic compatibilizer as raw material through mechanical blending and chemical compatibilization, we can synthesize a resin–rubber blend swelling lost circulation material. This material presents a good resistance to anti-high-temperature performance, but the quality declines while the temperature is higher than 363 °C, and with the increasing temperature, the water-swelling expansion ratio becomes higher. The range of the water-swelling expansion ratio is 8 to 25 times and the water swelling rate becomes larger along with the reduced diameter of the lost circulation materials and decreases with the increasing salinity. The resin-rubber blend swelling lost circulation material after water swelling has excellent toughness and high elastic deformation capacity, thus, forming a 7 Mpa to 2 mm fracture via expansion, extrusion, deformation, and filling, which presents a good performance for fracture plugging and realizes the purpose of lost circulation control.