In this work, a plasticizer with ether bond named di (2-butoxy ethanol) terephthalate (DBETP) was synthesized by one-step transesterification using dimethyl terephthalate (DMT) and 2-butoxyethanol (EB) as raw materials. The optimum process conditions obtained by orthogonal experiment were shown in the follow: n(EB): n(DMT) = 6:1, the amount of catalyst CaO was 4.0% (based on DMT quality, the same below), reaction time was 3.0h and temperature was 140℃.The yield of the product reached 91.5%, and the structure was analyzed by FT-IR and 1H NMR spectrums. DBETP was used in the thermoplastic polyvinyl chloride (PVC), and then compared with diiooctyl terephthalate (DOTP) plasticized PVC. The performance results showed that PVC-DBETP is similar to PVC-DOTP in terms of thermal stability and pull-out resistance, but PVC-DBETP has lower glass transition temperature Tg and better tensile property, indicating that our DBETP can be used as a substitute for DOTP.