The seepage coupling effect between the borehole rock mass and borehole fluid and the effective stress field distribution around the wellbore are obviously different under different working conditions of drilling, fracturing and completion, which affect the stability of horizontal borehole of shale gas reservoir. The physical, chemical, and mechanical properties of the shale in Longmaxi formations in a block of China immersed with different working fluids were tested experimentally. Combined with the experimental data, a theoretical model was established to evaluate and analyze the wellbore stability of Longmaxi formations shale under different working conditions of drilling, fracturing and completion. The results show that the shale of the Longmaxi Formation is a typical hard and brittle shale, the bedrock is dense, with high mechanical strength and weak hydration and expansion ability. The immersion effect of different working fluids has little influence on the expansion and mechanical properties of shale bedrock. However, the mechanical strength of shale with relatively developed bedding fractures is low, and the immersion effect of different drilling fluid further weakens the mechanical strength, resulting in obvious anisotropy of mechanical strength of underground rock. The coupling effect of seepage between wellbore and formation has obvious influence on the dynamic distribution of borehole pore pressure and wellbore stability under different working conditions. The effective fluid column pressure at the bottom of the hole is the highest during the fracturing process, which leads to the increase of pore pressure near the wellbore, and then to the increase of collapse pressure around the borehole wall. The equivalent density of collapse pressure rises to the maximum of 1.93 g/cm³, and the wellbore stability is the worst in the fracturing process. The wellbore stability is secondary in the drilling process, and the wellbore stability is good when drilling along the direction of the maximum horizontal principal stress, and the equivalent density of collapse pressure is 1.69 g/cm³. During the completion process, the formation fluid flows into the wellbore, the pore pressure in the borehole is relieved, and the equivalent density of the collapse pressure is reduced to approximately 1.35 g/cm³, the wellbore stability is the best and open hole completion can be attempted in the horizontal well section. The results provide a certain theoretical reference for the selection of the drilling and completion schemes in shale formation.