A Hyperbranched polymer was synthesized from polycyclodextrin (HCD), acrylamide (AM), methacryloxyethylsulfobetaine (BTAM) as monomer by aqueous free radical polymerization via create-hydroxyl initiator system. The polymer possessed spherical nucleus and zwitterionic functional segments. The effects of polymerization time (T1), amount of the initiator dosage (M[O]), HCD dosage(MHCD), hydrolysis drying temperature (t) and BTAM dosage (MBTAM) on the polymer solution viscosity were investigated. The structure of the obtained polymer was characterized by 1HNMR and the solubility, thickening property, shear resistance, salt tolerance and anti-aging property were evaluated. The results indicated that the optimum polymerization conditions were T1=5.5h, M[O]=60mg, MHCD=20-30mg, t=120oC, MBTAM=200mg. In the 9374.13mg/L mineralized water, the basic dissolution time of HCD-HPAM-BTAM polymer was less than 40min, the viscosity of 2000mg/L polymer solution can reach 31.2 mPa?s, and the viscosity retention rate after shearing by the Waring stirrer level 1for 20s was as high as 80%, and viscosity retention rate after 90 days aging was as high as 63%, which were all better than the unmodified HPAM polymer.