Focusing on the problem of drilling fluid loss circulation due to fractured granite formation in ultra-deepwater drilling in the research area, a novel self-degrading loss-circulation material is developed with polymer resin as the core material, according to the principles of loss-circulation prevention and reservoir and environmental protection. The relevant properties of the novel self-degrading loss-circulation material are evaluated by using tests or experiments. The pressure-bearing properties are evaluated by using a sealing capability test; the self-degrading properties are evaluated by using a self-degrading performance test; the pressure-bearing capability and reservoir protection properties are tested by measuring pressure sealing and gas permeability. The results of the tests and experiments show that the grinding rate of the loss-circulation material is less than 6% under 25 MPa, indicating that the novel loss-circulation material is of high compressive strength. The degradation process of the novel self-degrading loss-circulation material can be accelerated by increasing temperature and pH, and the degradation of the self-degradable polymer composite can be accomplished within 5 days under 95 °C and pH = 14. After self-degrading, the permeability recovery values of the highly permeable reservoir and the fractured reservoir are more than 96.9% and 99.15%, respectively, which indicates outstanding reservoir protection capability. Therefore, the novel self-degrading loss-circulation material has excellent temporary plugging and reservoir protection performance and can be used for plugging while drilling in ultra-deepwater drilling.