Oil-based drilling cutting pyrolysis residues (ODCPRs), bauxite, and sintering additives were applied to manufacture ceramic proppants with low density and high strength in this work. The effect of ODCPRs ratio, sintering temperature, holding time, and the content of additives on the performance of the proppants was comprehensively investigated, respectively. And the sintering mechanism of proppants was also discussed according to the phase, microstructure, and thermal behavior analyses. The results revealed that at the best sintering condition (1280 °C, holding for 60 min), and a mass ratio (ODCPRs: bauxite: MnO2 at 3:7:0.1), the well-developed granular corundum and acicular mullite formed inside the proppants and interspersed with each other to form a dense structure. The proppants presented low density and high strength as the bulk density of 1.48 g/cm3, the apparent density of 2.94 g/cm3, a breakage ratio of 5.25% under 52 MPa closed pressure, and the acid solubility of 4.80%, which could well meet the requirement of the standards of SY/T 5108-2014. This work provided a new pathway for recycling ODCPRs and the fabrication of high-performance proppants.