Polymer flooding is one of the most important enhancing oil recovery (EOR) technologies in the world. With the optimization of polymer synthesis, the performance of polymer solutions has been greatly improved, which can adapt to more complex oil and gas reservoirs. However, with the continuous improvement of the properties of polymer solutions, the elastic property of polymer solutions is significantly improved, and the rheological law has also changed. This series of changes affects the application of polymer flooding reservoir numerical simulation technology. Therefore, constructing an accurate description model and precise limitation conditions is particularly important. The rheological curve with a wide shear range (0.1~10,000 s−1) and the viscoelasticity of the two polymers (partially hydrolysed polyacrylamide (HPAM) and dendritic hydrophobic association polymer (DHAP)) were analyzed and tested by a rotating rheometer. The results showed that under the experimental conditions, the rheological curve of both polymers can be described by the Carreau rheological model. Meanwhile, the structural viscosity of the hydrophobically associating polymer solution (DHAP) greatly improved the elasticity of the solution and led to the change of elastic modulus. Considering the influence of elastic characteristics on the rheological curve, the relaxation time spectrum derived from small vibration experimental data was used to limit the characteristic relaxation time, that is, the value range of λ. It was observed that the experimental data were highly matched with the nonlinear regression fitting curve of the Carreau rheological model. Therefore, the relationship between different test parameters should be fully considered while studying the rheological constitutive equation of viscoelastic fluid, so as to optimize and improve the equation of it.