This paper presents a degradable acid-generating filtrate reducer (DA-FR) synthesized via the dissolution-evaporation-precipitation (DEP) method. When incorporated into a fracturing fluid with a viscosity of 30 mPa·s, DA-FR at mass concentrations ranging from 1% to 3% enables the static fluid loss performance to meet industry standards. The material exhibits a degradation rate of 8.3% after 2 hours at 160 °C, and achieves complete degradation within 24 hours. The suspended particles in the degraded fluid have an average size of approximately 80 nm, significantly smaller than those observed in conventionally broken fracturing fluids. Furthermore, DA-FR demonstrates favorable acid-generating capability: a 5% solution of its degradation products dissolves marble powder at a rate of 28.4%, and the rock surface exhibits abundant loose pores following dissolution. Consequently, DA-FR serves a dual function, it acts as a fluid loss control additive to mitigate filtrate invasion during fracturing operations, thereby enhancing the fracture propagating efficiency of the fracturing fluid, while simultaneously providing acid-etching functionality that improves near-fracture matrix permeability and promotes fracture conductivity.