In natural gas exploitation, foam drainage, corrosion inhibition and hydrate inhibition of wellbore fluid are conventional operations. However, there is often a problem where multiple chemical agents cannot be effectively used together and can only be used separately, resulting in complex production processes. In this study, the final integrated formulation was determined: 0.1% sodium alpha-olefin sulfonate (AOST) + 0.3% dodecyl dimethyl betaine (BS-12) + 0.3% sodium lignosulfonate + 0.5% hydrazine hydrate. The minimum tension of the integrated agent could be reduced to 23.5 mN/m. The initial foaming height of the integrated agent was 21.5 cm at 65 °C, the liquid-carrying capacity was 143 mL, and the liquid-carrying rate reached 71.5%. The maximum corrosion depth also decreased from 11.52 µm without the addition of hydrazine hydrate, gradually decreasing to 5.24 µm as the concentration of hydrazine hydrate increased. After adding an integrated agent, the growth rate of hydrates was slow and aggregation did not easily occur, and the formation temperature was also more demanding. Therefore, the integrated agent has a inhibitory effect on the formation of hydrates and has a good anti-aggregation effect. From the observation of the microstructure, the emulsion is an oil-in-water type, and the integrated agent adsorbs at the oil−water interface, preventing the dispersed water droplets in the oil phase from coalescing in one place. The oil-in-water type emulsion is more likely to improve the performance of the natural gas hydrate anti-aggregation agent.