Fe3O4@ZnO nanocomposites (NCs) were synthesized to improve the stability of the wormlike micelle (WLM) network structure of viscoelastic surfactant (VES) fracturing fluid and were characterized by Fourier transform infrared spectrometry (FT-IR), scanning electron microscopy (SEM), energy dispersive spectrometry (EDS), X-ray diffraction (XRD) and vibrating sample magnetometry (VSM). Then, an NC-enhanced viscoelastic surfactant solution as a fracturing fluid (NC-VES) was prepared, and its properties, including settlement stability, interactions between NCs and WLMs, proppant-transporting performance and gel-breaking properties, were systematically studied. More importantly, the influences of the NC concentration, shear rate, temperature and pH level on the stability of NC-VES were systematically investigated. The experimental results show that the NC-VES with a suitable content of NCs (0.1 wt.%) shows superior stability at 95 °C or at a high shear rate. Meanwhile, the NC-VES has an acceptable wide pH stability range of 6–9. In addition, the NC-VES possesses good sand-carrying performance and gel-breaking properties, while the NCs can be easily separated and recycled by applying a magnetic field. The temperature-resistant, stable and environmentally friendly fracturing fluid opens an opportunity for the future hydraulic fracturing of unconventional reservoirs.