The currently used guar-gum based fracturing fluid had high residue content and serious damage to formation. What’s more，most powdered synthetic polymer based thickening agent had long dissolution time，which cannot meet the requirement of dissolution time of thickening agent in large-scale continuously blending of fracturing fluids. In order to solve these problem，the fracturing fluid formulated by fast dissolving hydrophobic associating polymer GAF-TP as thickening agent，nonionic surfactant GAF-2 as synergist and quaternary ammonium salt GAF-16 as clay stabilizer was prepared. The formula of fracturing fluid was optimized，and the temperature and shear resistances as well as the damage to core were evaluated. Finally，the fracturing fluid was applied on one gas well in Ordos Basin. The results showed that the solubility and viscosity increasing property of GAF-TP were better than those of guar-gum. GAF-TP had short dissolution time with 60 s under room temperature in the lab and 1—2 min at 5℃ on site. The associating fracturing fluid with formula of 0.5% GAF-TP+0.3% GAF-2+0.3% GAF-16 had better temperature and shear resistances and lower damage than those of guar-gum based one. The damage ratio of fracturing fluid to matrix permeability and that of gel breaking liquid to proppant packing formation were all lower than 10%. After successful operation of associating fracturing fluid on site，absolute flow rate（AOF）was up to 11.85 × 10⁴ m³/d and flowback ratio of fracturing fluid was 80%，showing remarkable stimulation effect.