The use of drag reducing agents in oil pipeline transportation can reduce driving energy consumption and has certain energy-saving benefits. However, irreversible degradation occurs when polymer drag reducing agents are sheared through pumping. In order to study the viscosity loss of polymer drag reducing agents caused by mechanical shear during the pumping process, the combination of methods such as a rotational rheometer and an indoor drag reducing loop testing system was used to test and analyze the rheological and drag reducing properties of the drag reducing agent solution, and to study the shear degradation law of polymer drag reducing agent solution under different conditions. The results showed that the shear stress of the polymer drag reducing agent solution increased with the increase in shear rate, and the viscosity increased with the increase of shear stress, showing shear thickening. When the polymer drag reducing agent solution is not sheared, the drag reduction rate increases and then decreases with the increase of concentration, and reaches the maximum value at 20 mg·L−1. However, after shear, the drag reduction performance decreases rapidly, but the high concentration still maintains a good drag reduction rate. The research results provide a theoretical basis for improving the performance of polymer drag reducing agents under different operating conditions and play a guiding role in further improving and perfecting the polymer drag reducing technology.