The invention relates to a fracturing fluid which comprises a base fluid A and a base fluid B, wherein the base fluid A is prepared from a thickening agent, a hydrotropy thickening agent, a clay stabilizer, a discharge aiding agent, a sterilizing agent, a demulsifying agent, a low-temperature activator and water; the base fluid B is prepared from a low-molecular weight polymer, the clay stabilizer, the discharge aiding agent, the sterilizing agent, the demulsifying agent, the low-temperature activator and the water. When fracturing construction is carried out, the base fluid A and the base fluid B are mixed in proportion, the low-molecular weight polymer and a thickening agent molecule are mutually wound in a stirring process to form a certain space reticular structure for effective thickening, and the hydrotropy thickening agent compresses a winding structure through electric repulsion so that a gel is further thickened and forms good solid carrying capacity; the shearing is carried out at 50 DEG C and 170S-1,3.5MPa for 60 minutes, the viscosity is more than 50 mPa.s, an oxidized type gel breaker is added according to the proportion of 0.01%-0.20% in a wedge shape, the gel can be thoroughly broken within 2 hours, and the viscosity of gel breaking liquid is less than 5 mPa.s.