In response to the economic exploration and development needs of shale oil and gas，a lubricating and plugging agent SMLP-1，suitable for 80 —120 ℃ well sections prone to wellbore instability，was developed using Y # asphalt，petroleum resin， oil-soluble phenolic resin and other compositions as the oil phase matrix material，graphene oxide as the grafting particle，X# white oil as the dispersed phase，and using silicone modifier and organic amine modifier to modify. The lubricating and plugging effect of SMLP-1 in the drilling fluid system and its impact on drilling fluid performance were evaluated through the analysis of drilling fluid performance. The action mechanism of SMLP-1 was demonstrated through characterization methods such as scanning electron microscopy（SEM），infrared spectroscopy，and thermogravimetric analysis，and field tests were conducted. The results showed that SMLP-1 had good dispersibility in the drilling fluid，forming stable oil-in-water droplets in the system. After adding SMLP-1， the API filtration loss of the base fluid did not change significantly，but the high-temperature and high-pressure filtration loss was significantly reduced，indicating that SMLP-1 had a strong effect on reducing high-temperature and high-pressure filtration loss. After adding 1% SMLP-1，the lubrication coefficient decreased by 16% at room temperature，and after 16 hours of hot rolling at 150 ℃，the lubrication coefficient decreased by 43%. SMLP-1 could effectively plug shale pores and had good waterproofing and anti-water invasion effects，with significant inhibition on the hydration and dispersion of bentonite. SMLP-1 had been successfully tested on-site in the Qinye MN03HF well，with a cumulative footage exceeding 1000 m. After the addition of SMLP-1，the high-temperature and high-pressure filtration loss decreased from 13.2 mL to 8.6 mL，and the lubrication coefficient reduction rate was 30%. This not only reduced the intrusion of free water into the formation from the drilling fluid，improved the plugging ability and wellbore stability of the drilling fluid，but also enhanced the lubricity of the drilling fluid，ensuring safe drilling in complex well sections and achieving good application results.