This study examines a versatile polymer known as polysurfactant, which is synthesized by co-polymerizing flexible acrylamide and sodium acrylate hydrocarbon chain. The polymer serves as a backbone and possesses active functional groups. Notably, the polysurfactant exhibits superior plugging and flooding abilities compared to conventional polymers. The primary objective of this paper is to investigate the properties and oil displacement characteristics of the polysurfactant through indoor physical simulation experiments. The results demonstrate that the multi-branched structure of the polysurfactant enhances its ability to associate, leading to the formation of a unique spatial network structure. The inclusion of multi-branched structures notably amplifies the association effect. The critical concentration for the association is estimated to be around 800 mg/L, at which juncture the polysurfactant exhibits a viscosity retention rate surpassing 90% subsequent to shearing. Furthermore, this spatial network structure exhibits self-recovery capabilities after experiencing shear failure and displaying strong viscosity and shear resistance. In addition, the concentration of the polysurfactant can control the hydrodynamic feature size, which shows its adaptability in regulation and oil-repelling functions at reservoir permeabilities ranging from 500 to 2000 × 10−3 μm2 with resistance coefficients ranging from 108 to 320. During the microscopic oil displacement process, the polysurfactant exerts a significant impact on mobility control, while the elastic pull clearly demonstrates a commendable viscoelastic oil displacement effect. The polysurfactant exhibits a specific degree of emulsification capability towards crude oil, leading to the emulsion exhibiting typical pseudoplastic fluid characteristics. The utilization of emulsification transportation and emulsification blockage contributes to the enhancement of oil recovery. As a result, the polysurfactant exhibits multifaceted capabilities, encompassing profile control, flooding, and plugging, owing to its unique structural characteristics. Through the implementation of a field test focused on flooding in the Daqing Oilfield, a significant enhancement in the recovery rate of 10.85% is observed, accompanied by a favorable input–output ratio of 1:3.86, thereby generating significant economic advantages.