The harsh environment of ultra-deep reservoirs puts forward higher requirements for fracturing fluids, which must have high temperature resistance, low injury and delayed cross-linking capabilities. Thickener and crosslinker are the key materials affecting the performance of fracturing fluid, and the research progress of guanidine gum fracturing fluid for ultra-deep reservoirs is summarized from the modification and compounding of guanidine gum and the research and development of new crosslinker, and the method of delayed crosslinking is introduced through the environmental response characteristics of the fracturing fluid system, so that the fracturing fluid can achieve the effect of low viscosity and drag reduction during the flow of the wellbore and high viscosity and sand carrying in the formation. In view of the problems of high concentration of thickener, difficulty in breaking glue, high reservoir damage and large loss of wellbore in the current high-temperature fracturing fluid, the future guanidine gum fracturing fluid system should focus on improving the crosslinking efficiency of the cross-linking agent and guanidine gum, improving the temperature resistance and reducing the concentration of guanidine gum, so as to achieve the purpose of reducing damage.