In response to the technical and environmental protection requirements of water-based drilling fluids, this study independently developed a series of green supporting treatment agents for water-based drilling fluids such as the green loss reducer HB-1, green inhibitor HB-2, and green lubricant HB-3, etc., and proposed a green water-based drilling fluid system (HBDF) with good comprehensive performance. The proposed system has a heat resistance of 150°C, a HTHP (high temperature and high pressure) filtrate loss of 12 mL, a biological toxicity EC50 value greater than 105 mg/L, and a biodegradability BOD5/CODCr value of 16.2%. Now the developed HBDF system has been applied in more than 10 wells in SL oilfield, and the field application results show that the proposed HBDF system has stable rheological and filtrate loss performance, good anti-pollution ability, and easy and simple maintenance operations; after drilling, the biological toxicity of the drilling fluids can meet the environmental protection requirements, which has provided a technical reference for the research of green drilling fluids and the green development of SL Oilfield.