The disclosure relates to an electrocrushing drilling fluid with an electrocrushing drilling base fluid including a non-polar oil, water, and glycerin. The base fluid may further include a polar oil and an alkylene carbonate. The electrocrushing drilling fluid may further contain at least one additive. The electrocrushing drilling fluid may have a dielectric constant or dielectric strength of at least a set amount, an electric conductivity less than a set amount, or a combination of these properties. The disclosure further relates to an electrocrushing drilling system containing the electrocrushing drilling fluid and an electrocrushing drill bit.