In response to the issues of significant reservoir damage and poor sand-carrying performance associated with conventional guar gum fracturing fluids used in oil and gas reservoir fracturing operations, a novel zwitterionic surfactant OPHS was developed, and a VES fracturing fluid system was formulated. Evaluation of the comprehensive performance of the VES fracturing fluid system revealed several key findings. Firstly, the VES system exhibited favorable viscoelastic behavior, with elasticity consistently greater than viscosity within the tested range. Secondly, under conditions of 90 °C and 170 s−1, after 60 min of shearing, the viscosity of the fracturing fluid remained stable at above 40 mPa·s, indicating good rheological properties. Additionally, the system demonstrated excellent sand-carrying capabilities, with a settling rate of 0.31 mm/s at 80 °C. Furthermore, after the addition of 10% kerosene micelle-breaking agent, the surface tension of the breaking agent was measured at 26.28 mN/m, and the interfacial tension was 0.65 mN/m, indicating favorable interfacial activity conducive to smooth flowback post-fracturing. Moreover, the damage rate to reservoir cores caused by the breaking agent was only 6.45%, significantly lower than that caused by HPG fracturing fluid. Overall, the comprehensive evaluation suggests that the VES fracturing fluid system can provide technical support for reservoir fracturing operations in oil and gas reservoirs and holds promising applications in the field.