During the exploitation of deep and ultradeep oil and gas resources, the high-temperature problem of deep reservoirs has become a major challenge for water-based drilling fluids. In this study, a novel high-temperature-resistant filtrate reducer (LDMS) with low molecular weight was synthesized using N, N-dimethylacrylamide; sodium p-styrene sulfonate; and maleic anhydride, which can maintain the performance of a drilling fluid gel system under high temperature. Unlike the conventional high-temperature-resistant polymer filtrate reducer, LDMS does not significantly increase the viscosity and yield point of the drilling fluid gel systems. After aging at 210 °C, the filtrate volume of a drilling fluid with 2 wt% LDMS was only 8.0 mL. The mechanism of LDMS was studied by particle size distribution of a drilling fluid gel system, Zeta potential change, adsorption experiment, change of bentonite interlayer spacing, filter cake scanning electron microscope, and related theoretical analysis. The mechanism study revealed that LDMS could be adsorbed on the surface of bentonite particles in large quantities and intercalated into the interlayer of bentonite. Thus, it can improve the hydration degree of bentonite particles and the colloidal stability of the drilling fluid gel system, maintain the content of fine particles in the drilling fluid gel system, form a compact mud cake, and significantly reduce the filtrate volume of the drilling fluid gel system. Therefore, this work will promote the application of a low-molecular-weight polymer filtrate reducer in high-temperature-resistant water-based drilling fluid gel systems.