An associative seawater⁃based fracturing fluids with temperature resistance of 180 ℃ was formed by thermostable and salt⁃resistant thickening agent containing hydrophobic groups, physical crosslinking agent with ionic surfactant, high temperature stabilizer and high efficiency chelating agent. The fracturing fluid forms a high⁃strength network structure through the physical association between the hydrophobic groups on the molecular chain of thickener and cross⁃linker, which enhances its viscoelasticity and takes elasticity as the dominant factor. The viscosity of the fracturing fluid can be maintained above 30 mPa•s for 90 minutes at 180 ℃ and 170 s-1, which has good static sand⁃carrying and wall⁃building properties. The viscosity of gel breaking fluid is 3.3 mPa•s, the residual content is 45 mg/L, and the damage rate of core permeability is less than 10%. The seawater⁃based fracturing fluid meets the requirements of fracturing for offshore ultra⁃high temperature deep reservoirs.