Several factors influencing the viscosity of the hydroxypropyl sulfo-betaine VESBET-4 solution relation, including the VESBET-4 concentration, pH value and the addition of inorganic salt (NH4Cl and KCl), were investigated, and the properies of the fracturing fluid composed of 2.5% surfactant, 3% inorganic salt and 0.5% clay stabilizer, such as the temperature tolerance and shearing resistance, prop-carrying capacity and gel breaking, were evaluated. The result demonstrated that the viscosity of VESBET-4 solution with mass fraction of 2% reached 600 mPa·s at a speed of 250 r/min. The surfactant VESBET-4 was suitable for use in neutral and alkaline conditions and had a good compatibility with clay stabilizers (NH4Cl and KCl), which almost had no influence on its viscosity. The fracturing fluid possessed good temperature tolerance and shearing resistance, the viscosity of the system was still higher than 50 mPa·s at the temperature of 70℃and the shearing rate of 170 s-1; and the viscosity of the system was still higher than 85 mPa·s after shearing for 2 h at the temperature of 60℃ and the shearing rate of 170 s-1. Meanwhile, the system had a good prop-carrying capacity, the settling velocity of single sand was 0.95 cm/h and when the sand ratio was 30% in volume settling velocity was 1.11 cm/h. The simulated formation water had been used to gel breaking, and the viscosity of the gel breaking liquid was lower than 4.5 mPa·s within 1 h.