In this work, indoor physical simulation experiments were used to examine the effects of shear, thermal, chemical, and microbial degradation on the properties of the hydrophobic associative polymer AP‐P4. It was discovered that the viscosity of the polymer solution generally decreased as the shear time was extended. The larger the shear strength, the lower the solution viscosity. Fitting of the nonlinear equation of solution viscosity with shear time, η = 12,988 t−1.08. When thermal degradation started, the solution viscosity first started to rise, however, this phase was just a short one. The viscosity of the solution gradually started to decrease as the thermal degradation period grew. In addition, the trends of properties like hydrokinetic radius, hydrophobic connectivity, and hydrolysis essentially followed the same patterns as those of solution viscosity. At the beginning of the degradation process, the viscosity retention of the polymer solution without oxygen is significantly higher than that of the aerobic environment. However, the difference between the two becomes smaller as the degradation time increases. In addition, the AP‐P4 had good temperature resistance and aging resistance capabilities when iron ions were present. Finally, it was discovered that AP‐P4 had a strong antibacterial effect, which decreased the viscosity brought on by microbial action.