Water-based drilling fluids (WBDFs) cannot be effectively applied in long horizontal wells, such as shale gas wells, due to their high coefficient of friction (COF) and filtration loss that can strongly limit the efficient and environmentally friendly development of oil and gas resources. The objective of this study is the formulation of a WBDF characterized by ultra-low friction and ultra-low filtration properties, with a high-concentration polyepoxysuccinic acid (PESA) solution being utilized in the continuous phase. The research aims at the exploration of the feasibility of the method, the validation of the results, and the elucidation of the underlying mechanisms. The experimental results confirmed that the proposed WBDFs have excellent rheological properties, a COF of 0.016 and an API filtration of 0.4 mL. Microscopic analysis confirmed a direct and positive correlation between the macroscopic properties of the drilling fluids and their adsorption behavior at high PESA concentrations. This approach can be used to redesign traditional WBDFs and provide new possibilities to realize super performance in WBDFs that can be used to replace oil-based drilling fluids.