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Fractured reservoirs are widely distributed and rich in hydrocarbon resources. When encountering fractured reservoirs during the drilling process, it is often accompanied by formation losses characterized by high leak-off rates, causing severe damage to the reservoir and hindering the detection of oil and gas layers, which is not conducive to the accurate and efficient development of the reservoirs. Conventional plugging materials have poor retention effects in the fractures, resulting in the low stability of the sealing layer. The treatment of malignant lost circulation in fractured formations is an urgent problem to be solved in drilling engineering. This article focuses on improving the success rate of formation plugging through the combined use of multiple plugging materials and develops a composite hydrogel that can effectively reduce leakage rates. This hydrogel is mainly composed of materials such as polyvinyl alcohol, borax, and sodium silicate. It has good temperature resistance, maintains good gel strength at 60 °C, and can maintain long-term performance stability under simulated geological water conditions with salinity of 12,500 mg/L. For immersion corrosion by water or gasoline, the amount of corrosion is small and its fundamental performance remains largely unchanged. Through indoor simulation of a leak formation scenario, the hydrogel demonstrates commendable sealing pressure-bearing capacity. In terms of delaying fluid leakage, mixing the hydrogel with cement slurry at a ratio of 1:1 can delay the leakage rate of the cement slurry by a factor of 5.29.