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In this work, a novel, low molecular weight amphiphilic polymer (LAP) with high content of surface‐active functional groups was developed, and its effectiveness for emulsion‐based enhanced oil recovery (EOR) in relatively low permeability reservoirs was evaluated. The LAP polymer can potentially be synthesized on an industrial scale through a free radical polymerization reaction between acrylamide (AM), methyl acrylate (MAA), and the unsaturated surfactant monomer 2‐(acylamido)‐dodecane sulfonic acid (C12AMPS). The interfacial tension between 1000 mg L−1 LAP water solution and Bohai crude oil at 50 °C was reduced to a low value of around 0.2 mN m−1. Core flooding tests were also conducted to study the EOR potential and migration properties of LAP in porous media. The resistance and residual resistant factors of 1500 mg L−1 LAP solution were measured to be 51.0 ± 0.1 and 16.5 ± 0.1, respectively, suggesting LAP's great potential to be used for reservoir profile control. In addition, oil recovered from a three‐layer heterogeneous core by LAP solution was found to be comparable to that recovered using alkaline‐surfactant‐polymer (ASP) flooding. It is also worth mentioning that to accommodate different reservoir conditions, the molecular weight of LAP is adjustable by modifying the concentration of chain transfer agent, surfactant monomer, or initiator.