The fractured granite reservoir is well developed in Yongle block, which leads to severe drilling fluid loss-circulation. To solve the technical problem of both plugging and reservoir protection, on the basis of comprehensive literature research and laboratory tests at home and abroad, a polymer with an appropriate molecular weight, an organic crosslinking agent and other auxiliary materials were screened. In addition, a kind of high-temperature resistant loss-circulation plugging gel, which could be formed by timing and self-degradation, was developed. The high-strength gel loss-circulation system can be established by the development of a dynamic covalent borate ester bond crosslinking agent, which can crosslink with polyvinyl alcohol and xanthan gum. This system is of formidable strength and can be used for loss-circulation control in a fractured formation. The dynamic covalent borate ester bond tends to break due to the peroxide glue breaker under low pH levels, which can accelerate the degradation of the plugging gel into small molecules. The degradable temporary plugging material can ensure high-performance sealing and self-degradation capabilities of the fractured granite reservoir. The laboratory results showed that the high-performance degradable gel system was of adjustable gelling time, high gelling strength and high sealing capability. Its pressure-bearing could reach 5.8 MPa under 110 °C with 3.5 mm width of fractured granite core. Before crosslinking, the system also boasted promising thixotropy and rheology. The gel breaking time of the system was short, which could be completely broken with 6.1 h in 6% peroxide solution with pH of 4. The gelation time was related to the type of crosslinking agent, the amount of crosslinking agent and temperature. With the increase of temperature, the gelation time of gel system decreased. With the increase of the amount of the agent, the gelation time of gel system decreased. The gelation time was 105 min when using a 1% dynamic covalent borate ester bond crosslinking agent at 80 °C; the gelation time was 72 min when using a 1% dynamic covalent borate ester bond crosslinking agent at 110 °C; the gelation time was 71 min when using a 2% dynamic covalent borate ester bond crosslinking agent at 80 °C; the gelation time was 65 min when using a 2% dynamic covalent borate ester bond crosslinking agent at 110 °C; the gelation time was 72 min when using a 1% chromium crosslinking agent at 80 °C; the gelation time was 63 min when using a 2% chromium crosslinking agent at 80 °C; and the gel system had good reservoir protection performance. The permeability recovery rate was introduced to evaluate reservoir protection performance. The permeability recovery rate of using the dynamic covalent borate ester bond crosslinking agent was superior to that of using the chromium crosslinking agent. Using the dynamic covalent borate ester bond crosslinking agent, when the fracture width was 1.6 mm, the temperature was 80 °C and the soaking time was 8 h, the permeability recovery rate was 90.32%; when the fracture width was 0.75 mm, the temperature was 80 °C and the soaking time was 8 h, the permeability recovery rate was 84.53%. Using the chromium crosslinking agent, when the fracture width was 1.6 mm, the temperature was 80 °C and the soaking time was 12 h, the permeability recovery rate was 59.58%; when the fracture width was 0.75 mm, the temperature was 80 °C and the soaking time was 12 h, the permeability recovery rate was 45.65%. The viscosity of the residual solution was low and was helpful for reservoir protection during loss-circulation control under the fractured granite reservoir condition. The novel degradable temporary plugging material can solve the loss-circulation problem of the ultra-deepwater fractured granite reservoir. In addition, the material can pave the way for the exploration and development of a vast amount of hydrocarbon resources in the South China Sea.