Baikouquan formation in Mahu 1# well area is a typical tight oil reservoir with low porosity and low permeability, which large-scale hydraulic fracturing is need to increase production. However, there are three major problems. First, the fracturing fluid has poor drag reduction effect and is harmful to the reservoir. Second, water resources are scarce and oil field sewage treatment is difficult. Third, the recovery rate needs to be improved because of the distribution of residual oil between the joints. So, the JHFR drag reduction agent was synthesized which is low-damage. And then, JH slick water fracturing fluid with low damage was constructed. JH mainly composed of 0.1% JHFR drag reduction agent and 0.2% JHFR multifunctional additives. The fluid is characterized by instant dissolution (15 s), high efficiency drag reduction (76.9%), low oil-water interfacial tension (0.89 mN/m), and good anti-swelling effect (CST ratio 0.92)., and other characteristic. The system has good compatibility with formation water and backflow fluid in the Mahu 1# well area, and the damage degree to core permeability is low. So, it is suitable for large-scale continuous fracturing in the Mahu 1# well area.