Low-viscosity slickwater fracturing fluids are a crucial technology for the commercial development of shallow shale gas. However, in deep shale gas formations with high pressure, a higher sand concentration is required to support fractures. Linear gel fracturing fluids and crosslinked gel fracturing fluids have a strong sand-carrying capacity, but the drag reduction effect is poor, and it needs to be pre-prepared to decrease the fracturing cost. Slick water fracturing fluids have a strong drag reduction effect and low cost, but their sand-carrying capacity is poor and the fracturing fluid sand ratio is low. The research and development of viscous slick water fracturing fluids solves this problem. It can be switched on-line between a low-viscosity slick water fracturing fluid and high-viscosity weak gel fracturing fluid, which significantly reduces the cost of single-well fracturing. A polyacrylamide drag reducer is the core additive of slick water fracturing fluids. By adjusting its concentration, the control of the on-line viscosity of fracturing fluid can be realized, that is, ‘low viscosity for drag reduction, high viscosity for sand-carrying’. Therefore, this article introduces the research and application status of a linear gel fracturing fluid, crosslinked gel fracturing fluid, and slick water fracturing fluid for deep shale gas reservoirs, and focuses on the research status of a viscous slick water fracturing fluid and viscosity-controllable polyacrylamide drag reducer, with the aim of providing valuable insights for the research on water-based fracturing fluids in the stimulation of deep shale gas reservoirs.