In the paper, the viscoelasticity of hydrophobic associating polymer BCG-1 solution was investigated, the frictional resistance of the BCG-1 solutions with different concentration was examined using homemade flow loop testing system and the filed test was conducted. Experimental results showed that the first normal stress difference N1 of the BCG-1 aqueous solutions with different concentrations increased with shear stress increasing, moreover, Under high shear stress, a more elastic effects was shown, the higher concentration, the greater the values of the first normal stress difference N1 at the same shear stress. When the concentration of the BCG-1 aqueous solutions was less than the critical associating concentrations, G′was less than G〞, the association was weaker between the molecular chains, and an effective spatial structure did not form, after the concentration of BCG-1 was above of critical associating concentrations, G' was greater than G", the association between molecular chains was increased. As the concentration increased, the curve of G' and G" of BCG-1 solution was gradually closer to parallel, the viscoelastic contribution percentage of the hydrophobic association decreased, while the viscoelastic contribution percentage of molecular interaction between main chain entanglements increased. The drag reduction rate first increased and then decreased as the concentration increased, under strong shear force, the disentanglement between the hydrophobic associating polymer main chain required longer time, and the aqueous liquidity weakened, resistance-reducing capacity reduced. It is not the only way to increase the relative molecular weight to improve resistance-reducing capability of polymer. Hydrophobic associating polymer thick water solution system also had good resistance reduction capability. The field construction showed that the maximum Drag reduction rate was of over 70%.