Summary Recent studies highlight the significant role of drilling fluid elasticity in particle suspension and hole cleaning during drilling operations. Traditional methods to quantify fluid elasticity require the use of advanced rheometers, which are not suitable for field applications. The main objectives of this study were to investigate the factors influencing drilling fluid viscoelasticity in the field and develop generalized models for determining the viscoelasticity of a drilling fluid using standard field testing equipment. Ninety-three fluid formulations used in this study included field samples of oil-based drilling fluids as well as laboratory samples of water-based, invert emulsion and other oil-based fluids. Basic rheological characterizations of these fluids were done by using a funnel viscometer and a rotational viscometer. Elastic properties of the drilling fluids (quantified in terms of the energy required to cause an irreversible deformation in the fluid’s structure) were obtained from oscillatory tests conducted by using a research-grade rheometer with double gap concentric cylinder geometry. Using an empirical approach, two noniterative models for quantifying drilling fluid elasticity were developed (one for unweighted and the other for weighted drilling fluids) by correlating test results from a funnel viscometer and a rotational viscometer to energy required to cause an irreversible deformation of the fluid’s elastic structure. The generalized models for the unweighted and weighted viscoelastic drilling fluids were able to predict the elasticity of drilling fluids with a mean absolute error of 4.67 and 5.28%, respectively. In addition, the models offer practical versatility by requiring only standard drilling fluid testing equipment to predict viscoelasticity. Experimental results showed that nonaqueous fluid viscoelasticity is inversely proportional to the oil-water ratio (OWR), and the presence of clay greatly debilitates the elasticity of the drilling fluids while enhancing their viscosity. In this paper, we present models for estimating unweighted and weighted drilling fluid elasticity using standard drilling fluid field testing equipment. Furthermore, we proposed a prudent approach for quantifying the viscoelastic property of a drilling fluid by measuring the amount of energy required to irreversibly deform a unit volume of viscoelastic fluid. The new models, combined with the recommended use of the energy dissipation (ED) concept, provide practical tools that can be used for developing optimum drilling fluid formulations and hydraulic programs for effective hole cleaning operations, improved equivalent circulating density (ECD) management, and mitigating barite sag problems.