To address the technical challenge that conventional polyacrylamide fracturing fluids cannot simultaneously deliver desired performance of friction reduction and proppant carrying in deep tight/shale oil reservoir，an associative friction reducer SMAP-2000 was prepared and compared with conventional ultra-high molecular weight polyacrylamide friction reducer HPAM-3000. The thickening，friction reduction，dynamic proppant carrying and rheological properties of the two friction reducers were systematically evaluated，and a low friction high proppant carrying supramolecular fracturing fluid was developed. Results show that SMAP-2000 exhibits better thickening efficiency than HPAM-3000 in both fresh water and simulated brine，with significantly lower dosage required to achieve the same apparent viscosity. Within the tested viscosity range，the friction reduction rate of the low viscosity slickwater of SMAP-2000 is similar to that of HPAM-3000，but the friction reduction rates of SMAP-2000 are significantly higher for medium and high viscosity slickwater and linear gel. With the same apparent viscosity，the dynamic proppant carrying capacities of low，medium and high viscosity slickwater of SMAP-2000 is 10%-16% higher than those of HPAM-3000. SMAP-2000 exhibits shear thickening at low shear rates，with a multi-stage rheological structure of “shear thickening-shear thinning-second plateau”. The elastic modulus of 30 mPa·s linear gel of SMAP-2000 is 60%-80% higher than that of HPAM-3000，indicating the characteristics of supramolecular solutions. Field test shows that the wellbore friction of the test well using SMAP-2000 fracturing fluid is reduced to 1.8 MPa/1 000 m，with a friction reduction rate of 85%，the maximum proppant concentration increased to 400 kg/m³，and the daily oil production per well increased by 40%. The developed fracturing fluid system balances friction reduction and proppant carrying to provide technical support for cost effective development of deep tight/shale oil reservoirs.