The solids sagging in high-pressure high-temperature (HP/HT) reservoirs is a common challenge associated with hematite drilling fluids. This study provides a solution to hematite sagging in invert emulsion mud for HP/HT wells, which involves the combination of Micromax (Mn3O4) with hematite. The particles of both weighting agents were characterized to address their mineralogical features. A field formulation of the mud was used over a range of Micromax/hematite ratios (0/100, 20/80, and 30/70%) in laboratory experiments to address the sag performance and determine the optimal combination ratio. Then, density, emulsion stability, rheology, viscoelasticity, and filtration performance for the formulated mud were addressed. The tests were conditioned to 500 psi and 350 °F. The acquired results of sag tests indicated that incorporation of 30% Micromax solved the hematite sagging issue and brought the sag tendency within the recommended safe range. An insignificant reduction in mud density was observed upon the inclusion of Micromax, while the emulsion stability was obviously improved from 551 to 614 volts with the 30% Micromax mixture. The recommended 30/70% combination had almost no effect on plastic viscosity and yield point since they were increased by one unit, but the gel strength was improved resulting in flat rheology and better solids suspension capacity. The filtration behavior of the formulation with 30% Micromax was enhanced compared to pure hematite as it resulted in 10% and 14% reduction of the filtrate volume and filter-cake thickness, respectively. This study contributes to improve and economize the drilling cost and time by formulating a stabilized and distinguished-performance drilling mud using combined weighting agents at HP/HT.