High temperature and a large salt content weaken the surface hydration ability of clay particles in drilling fluid, reduce zeta potential, agglomerate clay particles, increase particle size, and destroy the stability of drilling mud. A filtrate reducer is required, therefore, to maintain the zeta potential of the clay, prevent the agglomeration of clay particles, and maintain good performance of the drilling mud at high temperature and high salt content. To prepare temperature- and salt-resistant polymer filtrate reducer, a betaine monomer was synthesized and copolymerized with a conventional monomer. A betaine monomer 3-(dimethyl (4-vinyl benzyl) ammonia) propyl sulfonate (DVBAPS) was synthesized and then used to create a copolymer filtrate reducer. The copolymer filtrate reducer, referred to as PAAAND, was prepared by free radical copolymerization with 2-acrylamide-2-methylpropane sulfonic acid, acrylic acid, N-vinyl pyrrolidone, acrylamide, and DVBAPS. The optimum synthesis conditions were determined by single factor evaluation, and the chemical structure of the PAAAND was confirmed by Fourier-transform infrared spectroscopy and 1H nuclear magnetic resonance spectroscopy. Results from particle-size distribution and zeta-potential measurements showed that PAAAND increased the zeta potential of clay particles and the distribution width of particles size, which served to maintain the stability of the drilling mud under high-temperature and high-salt conditions. The results of scanning electron microscopy showed that PAAAND made the filter cake formed by clay particles smoother and denser, which reduced filtration loss. The reduction in filtrate loss continued even after aging at high temperature, and, thus, PAAAND performed better than commercial products.