During deep shale gas production, flowing water-based working fluid inevitably cools shale reservoirs around boreholes and some fractures, and possible extraction methods induce dynamic stresses. To understand the dynamic tensile behavior of deep anisotropic shale reservoir after water-based working fluid cooling, a split Hopkinson pressure bar was used for performing the dynamic Brazilian tests on shale samples with bedding angles of 0°, 30°, 45°, 60° and 90° after reservoir temperature realization (25–200 °C) and water cooling. The results illustrate that dynamic tensile strength of shale samples decreases gradually as reservoir temperature increases under the loading rates 100–1000 GPa/s. From room temperature to 200 °C the most strength deterioration appears on samples with the bedding angle of 90°. A dynamic tensile strength deterioration model for deep shale reservoirs after water-based working fluid cooling is proposed considering the influence of loading rate and bedding angle. Geometrical trajectories of the main failure cracks are separated into three types, i.e., fully central tensile failure, tensile-shear failure and fully shear failure (sliding of bedding planes). For samples with bedding angles of 30°, 45° and 60°, increasing reservoir temperature encourages tensile failure to change into shear failure. The roles that bedding planes play in interacting with failure crack growth are summarized as IP mode (intersecting propagation), TP mode (turning propagation) and PP mode (promoting propagation). Anisotropic dynamic tensile strength responses are systematically discussed by using thermal stress simulation in ABAQUS, microstructure analyses, crack interaction conditions and the one-dimensional stress wave propagation theory. Based on experimental observations, field implications in borehole stability and fracturing of deep shale reservoirs are proposed under medium and high loading rates. This work is instrumental in providing valuable information and technology assistance for real deep shale gas production projects.