Freshwater scarcity is a highly pressing and accelerating issue facing our planet. Therefore, there is a great incentive to develop sustainable solutions by reusing wastewater or produced water (PW), especially in places where it is generated abundantly. PW represents the water produced as a by-product during oil and gas extraction operations in the petroleum industry. It is the largest wastewater stream within the industry, with hundreds of millions of produced water barrels per day worldwide. This research investigates a reuse opportunity for PW to replace freshwater utilization in well stimulation applications. Introducing an environmentally friendly chelating agent (GLDA) allowed formulating a PW-based fluid system that has similar rheological properties in fresh water. This work aims at evaluating the rheological properties of the developed stimulation fluid. The thickening profile of the fluid was controlled by chelation chemistry and varying different design parameters. The experiments were carried out using a high-pressure, high-temperature (HPHT) viscometer. Variables such as polymer concentration and pH have a great impact on the viscosity, while temperature and concentration of the chelating agents are shown to control the thickening profile, as well as its stability and breakage behaviors. Furthermore, 50 pptg of carboxymethyl hydroxypropyl guar (CMHPG) polymer in 20 wt.% chelating solution was shown to sustain 172 cP viscosity for nearly 2.5 h at 150 °F and 100 S−1 shear rate. The newly developed fluid system, solely based on polymer, chelating agent, and PW, showed great rheological capabilities to replace the conventional stimulation fluids based on fresh water. The newly developed fluid can also have economic value realization due to fewer additives, compared with conventional fluids.