The demand for energy continues to increase as the global economy continues to grow. The role of oilfield chemicals in the process of oil and gas exploration, development, and production is becoming more and more important, and the demand is rising year by year. The support of national policies and the formulation of environmental protection regulations have put forward higher requirements for oilfield chemical products, which has promoted the innovative research and development and market application of oilfield chemicals. Polyformaldehyde glycol ether polymer (PGEP) is simple to synthesize, easily biodegradable, green and environmentally friendly, and in line with the development trend of chemicals used in oil and gas development. The interfacial tension performance of PGEP after compounding with different surfactants can reach as low as 0.00034 mN/m, which meets the requirements of the oilfield (interfacial tension ≤ 5 × 10−3 mN/m). The best oil washing efficiency performance of PGEP compounded with different surfactants reached 78.2%, which meets the requirements of the oilfield (oil washing efficiency ≥ 40%). The fracturing fluid drainage efficiency of PGEP after compounding with different surfactants reaches 22%, which meets the requirements of the oilfield (drainage efficiency ≥ 15%). The surface interfacial tension of the system remains constant after the concentration exceeds 0.2% and decreases with lower concentrations. The drainage efficiency increases with increasing concentrations in the range below 0.6%. It was determined that PGEP can be used as a surfactant instead of fatty-alcohol ethoxylates (FAE) in oilfield development.