Rheology modifiers are essential for the flat rheology of water-based drilling fluids in deepwater. The low temperature thickening of deepwater water-based drilling fluids results in dramatic rheological changes in the 20–30 °C range. To address such problems, NIPAM with a self-polymerized product LCST of 32–35 °C was selected as the main body for synthesis. While introducing the hydrophilic monomer AM to enhance the thickening properties, the hydrophobic monomer BA was selected to reduce the LCST of the product. In this paper, a temperature-sensitive polymeric rheology modifier (PNBAM) was synthesized by emulsion polymerization using N-isopropyl acrylamide, acrylamide, and butyl acrylate as monomers. The PNBAM was characterized using infrared spectroscopy (FT-IR), thermogravimetric analysis (TGA), and nuclear magnetic resonance hydrogen spectroscopy (NMR). The rheological properties, temperature resistance, and salt resistance of PNBAM in the base fluid (BF) were tested. The performance of PNBAM in the drilling fluid system was also evaluated, and a water-based drilling fluid system of flat rheology for deepwater was formulated. The rheological modification mechanism of PNBAM was analyzed by turbidity analysis, particle size analysis, and zeta analysis. Experimental results show that PNBAM has good rheological properties. PNBAM is temperature resistant to 150 °C, salt-resistant to 30 wt%, and calcium resistant to 1.0 wt%. PNBAM also has good flat rheology characteristics in drilling fluid systems: AV4°C:AV25°C = 1.27, PV4°C:PV25°C = 1.19. Mechanistic analysis showed that the LCST (Lower Critical Solution Temperature) of 0.2 wt% PNBAM in an aqueous solution was 31 °C. Through changes in hydrogen bonding forces with water, PNBAM can regulate its hydrophilic and hydrophobic properties before and after LCST, which thus assists BF to achieve a flat rheological effect. In summary, the temperature-sensitive effect of PNBAM has the property of enhancing with increasing temperature. While the tackifying effect of conventional rheology modifiers diminishes with increasing temperature, the temperature-sensitive effect of PNBAM gives it an enhanced thickening effect with increasing temperature, making it a more novel rheology modifier compared to conventional treatment additives. After LCST, compared to conventional rheology modifiers (XC), PNBAM has a more pronounced thermo-thickening effect, improving the main rheological parameters of BF by more than 100% or even up to 200% (XC less than 50%). This contributes to the flat rheology of drilling fluids. PNBAM has good application prospects and serves as a good reference for the development of other rheology modifiers.