In order to solve the high asphalt softening point, poor dispersibility, poor lubricity at relatively low temperature and weak borehole wall stability, GFT anti-collapse and drag reduction agent was developed mainly preparing by asphalt and resin material with the softening point at 35℃. This agent exhibits its advantages of good stability and lubrication; it can effectively reduce the filtration of drilling fluid without the viscosity increasing; due to the strong adhesion ability of asphaltene particle, the agent can effectively fill and seal the microcracks and microporosity of borehole wall and bond broken rocks or particles to increase the stability. With 1% GFT anti-collapse and drag reduction agent adding into freshwater bentonite slurry, the lubricating coefficient decreases is up to more than 80%. Through field application of GFT in boreholes of ZK30-7 and ZK30-8 in Yuqia coalfield exploration region, it is proved that GFT anti-collapse and drag reduction agent has good wall protection effect in broken formation, and can significantly reduce the torque of drilling tool with its excellent lubricity being present.