In this paper, the effects of molecular weight, hydrophobic monomer proportion and hydrolysis degree on turbulent drag reduction (DR) characteristics of hydrophobically associative water-soluble polymers (HAWP) were investigated using a self-designed air-driven fluid resistance test apparatus. Compared with the microstructure of different concentration observed by ESEM, DR mechanism of HAWP was discussed. The results of experiments show that: when molecular weight is above 1000×104 g/mol, DR ratio has two peak values respectively at the concentration of 200mg/L and the critical association concentration (CAC), otherwise DR ratio only has one peak value at around CAC. The HAWP with higher molecular weight has greater 1st peak value and the HAWP with lower molecular weight has greater 2nd peak value. When concentration below CAC, the HAWP with greater hydrophobic monomer proportion has weaker DR ability, but when concentration goes above CAC，the HAWP with greater hydrophobic monomer proportion has stronger DR ability. The HAWP with greater hydrolysis degree always has stronger DR ability within the test concentration range.