In large-scale hydraulic fracturing of unconventional reservoirs, high viscosity friction reducers (HVFR) which employ high concentration polymers of high molecular weight can improve proppant suspension, but still lack long-distance and long-time proppant transport capability. Herein, for the first time, we report a fracturing fluid made of self- assembled low molecular weight polymer and a surfactant (LMPS). When using only 0.1 wt% of the polymer, LMPS has a viscosity of 29.6 mPa·s (170 s−1, 25 ℃) and can achieve full suspension of 40/70 mesh sand at 80 ℃. LMPS can form robust short molecular chain networks through numerous self-assembling association sites, rather than relying on entanglement. Notably, it achieves a minimum loss tangent as low as 0.1 in the viscoelastic response, demonstrating its strong elastic characteristics. According to the creep-recovery test, the strain recovery rate (87.9 %) of LMPS at 0.2 wt% polymer concentration far exceeds that of the HVFR with a concentration as high as 10.1 %. This indicates that LMPS has a stronger deformation-resisting ability, thereby preventing proppant settling. Taking advantage of LMPS’ superior proppant suspension capability, proppant can move with the slurry to the whole fracture for placement, while the HVFR provides only 48 % height support of the fractures in the form of dunes. A field trial shows that at a polymer concentration of 0.2 wt%, LMPS can stably transport 20/40 mesh quartz sand under a slurry rate of 2.8 m3/min and a proppant concentration of 635 kg/m3 during the fracturing process.