The performance of a hydraulic fracturing fluid (HFF) system directly determines the efficiency of stimulation. Since the targeted formations of most oil fields in China are characterized by large depth (~5000 m), high temperature (160 to 180°C) and tight lithology, newer and suitable HFFs have to be developed. Based on a newly synthetized organo-boron/-zirconium cross-linking agent (Gh-g), a composite temperature stabilizer (WJ-6) and other optimized additives via indoor evaluation, this study introduced a novel HFF, which is thermally stable at high temperature (HT) up to 180°C and exerted low friction pressures. The performance of HFF was evaluated in the laboratory. The experimental results showed that the HFF system performed well at HTs. It maintained a viscosity of 100 mPa·s or more after 90 min of shearing (170 s−1) at 180°C. Furthermore, the system exhibited delayed cross-linking. It took 120 s for the cross-linking reaction to complete; therefore, the tube friction was reduced to a large extent. Another characteristic feature of the formulated HFF system was the low friction pressures, where the drag reduction percentage was in the range from 35% to 70%. Moreover, only minor damage was caused by the fluid to the formation core samples. The average core permeability damage was 19.6%. All these qualities ensure that this fluid system is in full compliance with the requirements of the fracturing treatment.