For reducing fracturing pressure and increasing pump output volume，A of water-soluble drag reducing agent emulsion was synthesized by using acrylamide,octadecyl acrylate and 2-hydroxy-3-(2-propenyloxy)-1-propanesulfonicacimonosodiumsalt as raw materials by inverse emulsion polymerization. The chemical structure and surface morphology of polymer were characterized by means of FTIR and SEM. In addition, the ability of solubility, drag reducing rate, shear resistance, viscoelasticity and cooperation were investigated. Results showed that the solid content of emulsion was 29.6%, the viscosity average molecular weight was 8.5×10５g/mol, the viscosity of emlusion was 1800mPa.s. the dissolusion time of polymer was 48s at shear rate of 6.8m/s. the drag reducing rate of polymer exceeds 70% at 10m/s and 300s. the concentration of 1g/L drag reduction agent in aqueous exceed 78％ at shear rate of 10m/s. The drag reduction test showed that the drag reduction rate of polymer increased at first and stable latter with the increment of the polymer. Viscoelasticity result shown that the polymer was viscoelastic structure fluid, the value of storage modulus (G') is larger than loss modulus (G'') at 1Hz and 5%. The drag reduction rate of polymer exceeds 53％ at 10m/s, 1g/L, 80℃ and 2000mg/L, the additive and clay stabilizer have no effect to drag reducing rate of polymer.