It is necessary to develop novel and efficient alternatives to fluorocarbon surfactant and prepare fluorine-free environmentally-friendly fire extinguishing agent. The carboxyl modified polyether polysiloxane surfactant (CMPS) with high surface activity was synthesized via the esterification reaction using hydroxyl-containing polyether modified polysiloxane (HPMS) and maleic anhydride (MA) as raw materials. The process conditions of the esterification reaction were optimized by orthogonal tests, and the optimum process parameters were determined as follows: reaction temperature of 85 °C, reaction time of 4.5 h, isopropyl alcohol content of 20% and the molar ratio of HPMS/MA of 1/1. The chemical structure, surface activity, aggregation behavior, foam properties, wetting properties and electron distribution were systematically investigated. It was found that the carboxyl group was successfully grafted into silicone molecule, and the conjugated system was formed, which changed the interaction force between the molecules and would affect the surface activity of the aqueous solution. The CMPS exhibited excellent surface activity and could effectively reduce the water’s surface tension to 18.46 mN/m. The CMPS formed spherical aggregates in aqueous solution, and the contact angle value of CMPS is 15.56°, illustrating that CMPS had excellent hydrophilicity and wetting performance. The CMPS can enhance the foam property and has good stability. The electron distribution results indicate that the introduced carboxyl groups are more inclined towards the negative charge band, which would be conducive to weak the interaction between molecules and improve the surface activity of the solution. Consequently, new foam fire extinguishing agents were prepared by using CMPS as a key component and they exhibited excellent fire-fighting performance. The prepared CMPS would be the optimal alternative to fluorocarbon surfactant and could be applied in foam extinguishing agents.