In this study, a viscosity-reducing polycarboxylic acid superplasticizer (VRPCE) was synthesized using methylallyl polyoxyethylene ether (HPEG), acrylic acid (AA), and maltodextrin maleic acid monoester (MDMA) as the main raw materials. The influences of the VRPCE on the microscopic properties of cement paste were studied by gel permeation chromatography (GPC), total organic carbon test (TOC), zeta potential, laser particle size analysis, XRD, MIP, TG, and SEM. Finally, the effects of the VRPCE on the macroscopic properties of cement mortar were evaluated through flow time, slump flow, compressive strength, shrinkage, and creep. The results showed that the VRPCE can improve the hydration degree of the cement, optimize the pore structure, increase the porosity, improve the fluidity, compressive strength, and creep, and decrease the shrinkage resistance of the cement mortar.