A large number of real-time measurement results of geological and engineering parameters are needed according to the high efficient development of deep petroleum reservoir and accurate geological guidance of deep shale oil and gas reservoirs. With the increase of downhole measurement parameters, the existing transmission systems (temperature resistance ≤ 150 °C, speed ~ 1 bps) generally couldn’t meet the requirements, which has become a key bottleneck restricting the full play of advanced drilling equipment and technology. The high temperature and high speed mud transmission system is based on thick film hybrid circuit, metal sealed high temperature circuit and the reciprocating swing valve unit generating high frequency mud pulse. It could effectively solve the problems above. At present, an engineering prototype has been formed, and the circuit system has completed the third-party temperature resistance test at 175 °C. The maximum transmission rate of the whole system in the field drilling test could reach 8–12 bps.