In order to solve the problem of poor dispersion and stability of mixed metal hydroxide (MMH), a kind of mixed metal hydroxide-like compound (MMHlc) gel was synthesized for use as the base mud in drilling fluid instead of bentonite gel. Na2CO3, Na2SiO3, and C17H33CO2Na were used as precipitants to form MMHlc with larger interlayer spacing and smaller particle size. MMHlc was synthesized by the coprecipitation method at 25 °C with a metal molar ratio of Mg:Al:Fe = 3:1:1. The performance evaluation of the treated drilling fluid showed that MMHlc (S2) synthesized using Na2SiO3 as the precipitant had the characteristics of low viscosity, low filtration, and a high dynamic plastic ratio at 25 °C, which fully met the requirements of oil field application, and it maintained its excellent properties after being aged at 250 °C for 16 h. Linear expansion and rolling recovery experiments showed that the S2 sample had excellent rheological properties and good inhibition. X-ray diffraction and FT-IR experiments showed that S2 had the most complete crystal structure, its interlayer distance was large, and its ion exchange capacity was strong. The thermogravimetric experiment showed that the S2 crystal was stable and the temperature resistance of the crystal could reach 340 °C. Zeta potential, particle size analysis, SEM, and TEM results showed that S2 is a nanomaterial with a complete morphology and uniform distribution. The drilling fluid of this formula had the characteristics of low viscosity, low filtration loss, and a high dynamic plastic ratio, and it met the conditions for oil field application. Considering these results, the new MMH prepared by our research institute is a drilling fluid material that can be used at ultra-high temperatures and can provide important support for drilling ultra-deep wells.