Polyethylene glycol (PEG-200) and itaconic acid (IA) were used as raw materials to compound macromer through esterification reaction. A new type of specialized water-coke slurry dispersant was synthesized by copolymerization of microware, sodium methallyl sulfonate (SMAS) and maleic anhydride (MA). The experiment showed that the concentration of slurry could be reached to 63% with the dosage of 0.2%, and the apparent viscosity was 1140.3 mPa∙s. Through the analysis of the infrared, the dispersant was confirmed to have polyethylene glycol branched chain and hydrophilic functional groups such as carboxyl or sulfonic group. When the concentration of dispersant was 30 g/L, the surface tension of water could be decreased from 72.70 mN/m to 45.50 mN/m. Furthermore, when the solution pH value was 9, the Zeta potential of semi-coke powder surface could also be decreased from-13.38 mV to-25 mV with the addition of dispersant. Thus, this dispersant could increase electronegativity of semi-coke powder surface, enhance steric-hindrance effect and prevent the phenomenon of powder flocculation and gather. Meantime, it also could reinforce the semi-coke hydrophilic by reducing the surface tension of water effectively. And then, the high performance water-coke slurry could be obtained.