The emulsifying and rheological properties of polymer surfactant Ⅲ and BⅢ were investigated and compared with that of hydrolyzed polyacrylamide （HPAM）at Daqing reservoir condition. Meanwhile, the mechanism how the functional monomers enhanceed the solution properties of polymer surfactant were discussed. The experiment results showed that polymer surfactant had better emulsifying performance, viscosifying capacity and elasticity than HPAM had. At the concentration of 1000 mg/L, the emulsion formed with polymer surfactant Ⅲ（is 5% after 4 hours）was more stable than that with HPAM, the separated water was 5% and 100% after 4 hours, respectively. At the concentration of 1600 mg/L, the viscosity of polymer surfactant Ⅲ solution（63.5 mPa·s） was higher than HPAM solution（44 mPa?s）at the temperature of 45℃and the shear rate of 7.34 s-1, with the same viscosity of 20 mPa?s, it was found that the storage modlus and the hystersis area of polymer surfactant Ⅲ>polymer surfactant BⅢ>HPAM. The interaction between polymer surfactant withβ-CD and SDBS were investigated, as a result, it was found that there was strong hydrophobic associating effect in the polymer surfactant solution. The critical associating concentration（CAC）of polymer surfactantⅢ and polymer surfactant BⅢ was 811 mg/L and 852 mg/L, respectively. By introducing functional monomers, polymer surfactants had better viscosifying capacity, elasticity and emulsification performance.