Abstract: A high efficiency oil displacing fracturing fluid has been developed to replace guar gum fracturing fluid in dealing with problems associated with fracturing fluids, such as high friction, too many residues after gel breaking and difficulties in fracturing fluid recovery. This fracturing fluid was formulated with 1.5% XYZC-6 and 0.15% XYTJ-3. XYZC-6 is a thickening agent made with a viscoelastic surfactant having peptide chain structure and a multi-component solvent; it can be mixed continuously in fracturing fluid in field operations and can be re-used. XYTJ-3, a modifier, can react with ions in the flowback fluid to form water-soluble complexes, thereby minimizing the effects of salinity on the performance of fracturing fluid. Experimental results showed that the fracturing fluid functioned normally at 90℃, was resistant to salt contamination to 100,000 mg/L, and performed very well in sand carrying and in fraction reducing. Gel breaking of the fracturing fluid can be done efficiently; the residue content of the gel-broken fluid was as low as 2 mg/L, and the interfacial tension of the gel-broken fluid was 10^-2-10^-3 mN/m. The fracturing fluid has been used successfully in the block Jing'an in Changqing oilfield. Wells fractured with this high efficiency oil displacing fracturing fluid have got oil production rates that are 2 times of the production rates of offset wells. The flowback fluid, after separation and sedimentation, can be re-used in formulating new fracturing fluid. The final flowback fluid can be used in oil displacement, helping realize the objectives of "zero discharge and zero pollution", greatly reducing the environment pollution risks associated with well fracturing operations. The use of this fracturing fluid has provided technical support for "not-falling-to-the-ground" of fracturing fluids.