This research article investigates the effects of carboxymethyl cellulose and tragacanth gum on the rheological, filtration, and interfacial properties such as interfacial tension, contact angle, and zeta potential of oil-in-water (O/W) emulsion-based drilling fluids. The emulsification of the drilling fluid system was achieved well by tragacanth gum, as it demonstrated surfactant properties. It was observed that the addition of these polymers controls the rheological parameters and filtrate loss characteristics of the emulsion systems. The stability of emulsion systems was analyzed by measuring zeta potential, interfacial tension, and contact angle of the emulsion-based drilling fluids. Carboxymethyl cellulose and tragacanth gum have shown significant effects on the stability of emulsion systems, and their properties vary with different concentrations of these additives. The flow behaviour of the drilling fluids was measured with varying concentrations of these oil and additives. The fluids are found to be shear thinning (pseudoplastic) with the addition of oil and additives. It was also found that rheological and filtration properties of drilling fluids are stable at 70 degrees C. By optimizing the concentrations of these additives in the emulsion system, fundamental parameters such as fluid rheology, filtrate loss, and pH can be enhanced, which are required for favourable drilling fluid selection during oil and gas well drilling.