Using hydrophobic monomer FW-12(Octadecyl acrylate/ 2-Propenoicacid,2-methyl-,hexadecylester, molar ratio 2:1) and acrylamide (AM), acrylic acid (AA), 2 - acrylamide - 2 - methyl propane sulfonic acid (AMPS) obtained water-soluble hydrophobic associated polymer drag reducing agent FHAPAM. The paper focuses on exothermic characteristics of polymerization process, explores polymerization reaction heat change basic rule in hydrophobic group, studies hydrophobical association of FHAPAM aqueous solution with rheometer; Pyrene probe experiment explores polarity and change regularity of the solution; discusses drag reduction performance through analysis of drag reduction mechanism. The results show that FHAPAM is greatly impacted by hydrophobic monomer content, polymerization heat is different from ordinary polyacrylamide, with obvious platform area, FHAPAM solution demonstrates strong thixotropy with increased hydrophobic monomer content; Solution polarity decreases with hydrophobic monomer content increase, and there is mutational site in I1/I3 ratio; FHAPAM temperature tolerance is stronger than ordinary polyacrylamide (PAM); for different hydrophobic monomer contents, storage modulus (G') and loss modulus (G") show particularity. When drug-reducing agent FHAPAM remains in low concentration, its drug reduction effect is better than that of guanidine gum, which demonstrates its good prospect for slippery water fracturing fluid.