Based on the analysis of the water quality characteristics of the guar gum fracturing flow-back fluid（GGFFBF）from acertain oil well in Yanchang oilfield，the process of water quality regulation-flocculation-O₃ oxidation was carried out to treat the GGFFBF and the treated GGFFBF was reused to prepare the slick water fracturing fluid. The effects of various process parameters on the treatment effect were explored. The results showed that when adjusting the pH value of the 500 mL GGFFBF to 9.0 and adding 800 mg/L flocculant IF-A and 1.0 mg/L coagulant FA-B，and then pumping O3 for 40 min at a speed of 30 mL/min，the treated GGFFBF was colorless，clear and transparent，and the water quality was good. The SS content was less than 3.0 mg/L，the Feion content was below 0.5 mg/L，the viscosity was reduced to 1.28 mPa·s，and the bacterial content was low. The slick water fracturing fluid was prepared with the treated GGFFBF，and the performance of the slick water fracturing fluid was similar to that of the slick water fracturing fluid prepared with tap water，according with DB.61/T 575—2013 standard. The treated GGFFBF met the requirements for water preparation for slick water fracturing fluid.