In view of the technical bottleneck that the traditional slickwater fracturing fluid is difficult to meet the drag reduction and sand carrying performance at the same time in the middle and high viscosity range，a new hydrophobically associating polymer fracturing fluid was prepared，and its drag reduction and sand carrying performance and rheological properties were tested in the middle and high viscosity range. At the same time，the potential correlation mechanism of polymer structure-rheology-drag reduction and sand carrying was explored. The results indicated that when the concentration of hydrophobically associating polymer exceeded the critical associating concentration（CAC），the drag reduction rate of the fracturing fluid system increased by more than 10%，and the proppant settling rate decreased by 30%. The synergistic optimization of enhanced proppant-carrying performance and maintained drag reduction efficiency could be achieved by increasing the content of hydrophobic monomers. Rheological data revealed the mechanism of key rheological parameters：the sand-suspending performance followed a power-law relationship with the elastic modulus（G'）as v = aG'^b，and the dag reduction efficiency exhibited an exponential relationship with the first normal stress difference（N₁）as DR = a + Ae^{[-0.5(N₁-x/w)]}. Constructing a high-efficiency drag reduction and proppant-carrying system using hydrophobic associating polymers enabled dual improvements in drag reduction and proppant carrying. The established rheological regulation model provides a theoretical basis for the molecular design and performance optimization of associating polymer fracturing fluids.