The stability, dispersion, and rheological properties of clay suspensions are important in the process of drilling. Organic clays were obtained traditionally by cation exchange, which is thermally unstable due to weak electrostatic interaction between the cationic surfactant and clay minerals. The purpose of the present study was to yield a stable and well dispersed organic bentonite (OBent) as a rheological additive for oil-based drilling mud. The co-modified method was used to modify bentonite by a cationic surfactant (cetyltrimethoxyammonium bromide: CTAB) and a silane coupling agent (hexadecyltrimethoxysilane: HDTMS). Firstly, the basal spacing of bentonite was enlarged by intercalation of CTAB, and the thermal stability of bentonite was improved by covalent bonds of HDTMS onto the bentonite platelets. The as-prepared OBent was characterized by infrared analysis, X-ray diffraction analysis, thermogravimetric analysis, and scanning electron microscopy. The hydrophobicity, solubility, viscosity, and tribological performance of the OBent were also recorded. The test results showed that the hydrophobicity of the co-modified bentonite was improved significantly, and was greater than that of bentonite modified with single surfactant CTAB or HDTMS. The bentonite modified by the surfactant together with the silane coupling agent had stable rheology and a lower coefficient of friction than the single surfactant-modified bentonite because more HDTMS entered into the interlayer spaces and formed chemical bonds at the inner surface of platelets.