Pickering emulsions as a kind of emulsified fracturing fluids can enhance the efficacy of shale fracturing. Investigation of the rheological properties of Pickering emulsions yields valuable insights for their in-situ fracturing applications. In this work, nano-clay particles and heavy crude oil were employed to form oil-in-water (O/W) Pickering emulsions. The impact of salinity, pH, and temperature on the rheological properties, including viscosity property and viscoelastic property, of Pickering emulsions were tested and analyzed. The results showed that the viscosity of heavy O/W Pickering emulsions were significantly affected by the change of salinity and pH values, with higher salinity or lower pH resulting in increased viscosity. Under ultra-high salinities (>5 wt% NaCl), the coalescence stability of Pickering emulsion strengthens and creaming stability declines. The massive formation of clay clusters leads to a reduction in the number of nano-clay particles used to generate the network, causing instability in the emulsion creaming. The heavy O/W Pickering emulsions exhibited high stability and high viscosity characteristics, which were mainly caused by the change of surface charge of nano-clay particles and the corresponding change of particle adsorption on droplet surface and particle-particle interactions. At a salinity of 2.5% NaCl and a pH of 4.6, the emulsion system remained stable at a temperature up to 120 °C, holding a viscosity reaching 74.1 mPa s at a shear rate of 6.81 s−1. Besides, heavy O/W Pickering emulsions were viscoelastic fluids, with both noticeable viscous property and elastic property at the same time. Elastic modulus (G′) and viscous modulus (G″) of the emulsion increased with increasing salinity and decreasing pH, enhancing great deformation capacity. Remarkably, the Pickering emulsions could maintain its viscoelastic behavior at varying temperature conditions. For the first time, rheological study of Pickering emulsions formed by nano-clay nanoparticles as a single emulsifier to heavy oil. Our study underscores the emulsifying ability of nano-clay particles to heavy crude oils, under a wide range of salinity and pH, yielding Pickering emulsions with exceptional stability and rheological properties. This novel emulsion system, possessing high resistance to temperature and salinity, holds promise for a high-performance fracturing fluid design.