In this study, a drilling fluid prediction method based on an online sequential extreme learning machine (OS-ELM) is proposed, which is prepared for water well drilling on the muddy clay formation of Tarim Basin, Qinghai Province. First, we investigated the mechanism linking mix ratio to fluid performance, allowing us to employ an OS-ELM algorithm derived from the extreme learning machine. Particularly, the proposed prediction method is bidirectional to identify an appropriate slurry formulation. The forward prediction model is established to predict the fluid performance, where the mud additive contents are inputs, and the drilling fluid properties parameters are outputs. Correspondingly, the backward prediction model is established to modify the slurry formula, where differences in the drilling fluid properties are inputs and percentages of slurry additives amount are output. The simulation results show that the two-direction OS-ELM prediction model can better predict the drilling fluid properties in water well drilling.