Bentonite is an important component of drilling fluid, whose quality directly affects the safety and economic benefits of water-based drilling fluid. In order to effectively cope with temperature changes, the development of temperature-sensitive modified bentonite is of great significance. In this study, a temperature-sensitive modified bentonite based on NIPAM with excellent temperature sensitivity was developed through intercalation modification. The temperature-sensitive bentonite (CMC-B-NIPAM) was prepared by grafting N-isopropyl acrylamide (NIPAM) onto the surface of calcium bentonite through the dehydration condensation of silane coupling agent KH570 after the intercalation of sodium Carboxymethyl Cellulose (CMC). The synthesis indexes of CMC-B and CMC-B-NIPAM were optimized by the single-factor method. CMC-B-NIPAM was characterized by XRD and FTIR. The temperature sensitivity, rheology, suspensibility, and expansion capacity of CMC-B-NIPAM dispersion were investigated. The results showed that CMC-B-NIPAM had good temperature sensitivity, and the rheological properties of its dispersion showed characteristics of steady flow and temperature thickening in the range of 40–70 °C. A molecular simulation model was established to observe the microsynthesis mechanism of temperature-sensitive modified bentonite based on NIPAM. The results of this study show that CMC-B-NIPAM drilling fluid has the function of ensuring the stability of drilling fluid flow patterns compared to traditional drilling fluids.