The current extension limit prediction model for offshore extended-reach well (ERW) in mudstone does not consider the formation collapse, which poses a huge risk to offshore drilling construction. To address this problem, this paper presents new open-hole extension limit prediction model for ERW. By considering formation collapse, rate of penetration (ROP), and annular pressure loss, the extension limit models during normal drilling and tripping were derived. The sensitivity of geological and engineering factors was evaluated by analyzing limits for wells 1H and 2H. The research results showed that: (1) The extension limit increases with the ROP and formation collapse duration, but decreases with the increase in mud weight, plastic viscosity, and flow rate. (2) In ERWs, the mud flow rate has a significant impact on the extension limit than the plastic viscosity of mud fluid. However, mud weight has the least impact compared to the two. (3) Considering various parameters, the predicted extension limit of well 1H, when the mud weight is 1.16 g/cm3 [9.67 ppg], is 1593.28 m [5225.96 ft] less than the limit when the collapse period is not considered.