Currently, conventional polymeric filtrate reducers with high-temperature resistance for use in drilling fluids have high molecular weights, which greatly affects the rheological properties. Therefore, to address the challenges in regulating the rheology and filtration performance of high-density drilling fluids at high temperatures, it is essential to develop low-molecular-weight filtrate reducers with high-temperature resistance. In this study, a low-molecular-weight filtrate reducer with high-temperature resistance (LMF) was prepared via free radical polymerization from acrylamide and 2-acrylamido-2-methyl-1-propanesulfonic acid as monomers, tertiary dodecyl mercaptan as a chain transfer agent, and ammonium persulfate as the initiator. LMF was then characterized by infrared spectroscopy, thermogravimetric analysis, and gel permeation chromatography. The obtained filtrate reducer exhibits a weight-average molecular weight (Mw) of 3819 and an initial thermal decomposition temperature of 300.7 °C, indicating good thermal stability. The effects of LMF dosage, temperature, and NaCl dosage on the rheology and filtration performance of mud samples were also investigated, and the mechanism of action was revealed by zeta potential, particle size distribution, scanning electron microscopy, and adsorption measurements. The results reveal that LMF increases the mud sample viscosity and reduces its filtration. For example, the filtration of the mud sample with 2 wt% LMF was 7.2 mL, a reduction of 70% compared to that of a blank mud sample. Further, after aging at 210 °C for 16 h, the filtration of the same sample was 11.6 mL, and that of a mud sample with 2 wt% LMF and 35 wt% NaCl after aging at 180 °C for 16 h was 22 mL. Overall, we have reported a scheme to prepare a low-molecular-weight filtrate reducer with high-temperature resistance and superior filtrate-reducing effects, laying the foundation for the investigation and development of low-molecular-weight filtrate reducers.