Polymer additives and surfactants as drag reduction agents have been widely used in the field of fluid drag reduction. Polymer additives can reduce drag effectively with only a small amount, but they degrade easily. Surfactants have an anti-degradation ability. This paper categorizes the mechanism of drag reducing agents and the influencing factors of drag reduction characteristics. The factors affecting the degradation of polymer additives and the anti-degradation properties of surfactants are discussed. A mixture of polymer additive and surfactant has the characteristics of high shear resistance, a lower critical micelle concentration (CMC), and a good drag reduction effect at higher Reynolds numbers. Therefore, this paper focuses more on a drag reducing agent mixed with a polymer and a surfactant, including the mechanism model, drag reduction characteristics, and anti-degradation ability.