Traditional oil-based drilling muds (OBMs) have a relatively high solid content, which is detrimental to penetration rate increase and reservoir protection. Aimed at solving this problem, an organoclay-free OBM system was studied, the synthesis methods and functioning mechanism of key additives were introduced, and performance evaluation of the system was performed. The rheology modifier was prepared by reacting a dimer fatty acid with diethanolamine, the primary emulsifier was made by oxidation and addition reaction of fatty acids, the secondary emulsifier was made by amidation of a fatty acid, and finally the fluid loss additive of water-soluble acrylic resin was synthesized by introducing acrylic acid into styrene/butyl acrylate polymerization. The rheology modifier could enhance the attraction between droplets, particles in the emulsion via intermolecular hydrogen bonding and improve the shear stress by forming a three-dimensional network structure in the emulsion. Lab experimental results show that the organoclay-free OBM could tolerate temperatures up to 220 °C and HTHP filtration is less than 5 mL. Compared with the traditional OBMs, the organoclay-free OBM has low plastic viscosity, high shear stress, high ratio of dynamic shear force to plastic viscosity and high permeability recovery, which are beneficial to penetration rate increase, hole cleaning and reservoir protection. Key words: organoclay-free, oil-based drilling mud, rheology modifier, emulsifier, fluid loss reducer, weak gel, reservoir protection