Fast and precise geo-steering and geo-navigation upon well drilling are the key parameters for improved well targeting, optimal well placement, and maximal hydrocarbon recovery. To advance geo-steering parameters, we propose a new approach to on-site formation evaluation through the use of fluorescent tracers for drill cuttings tagging according to the depth of origin. Cuttings labelling at the drill bit site is followed by near-real-time drilling depth correlation at the well-head via a camera and AI image recognition systems. To suite the drilling process, the engineered tracers should match to the rheology of the utilized drilling mud. This study was performed to comprehensively investigate the effect of fluorescent tracers on the rheological properties of oil-based drilling mud (OBM) and to determine the optimal quantities of the tracers’ addition. We evaluated critical mud characteristics including electrical stability, thixotropic parameters, shear stress, gel strength, plastic viscosity, and yield point as prepared and in the presence of fluorescent tracers at the range of 1 to 20 wt.%. Additionally, the mud’s effects on the long-term stability of the fluorescent tracers were assessed via hot-rolling tests in conditions mimicking downhole conditions, with the aim of determining the tags’ feasibility for drill cuttings labelling applications. The study also examines the recovery potential of the tracers and their reusability in the drilling process. This investigation provides valuable insights into the potential application of fluorescent tracers for downhole drill cuttings depth correlation which will improve geo-steering works.