Substantial efforts are underway to improve the recovery factor from existing oil reserves to meet the ever‐growing global oil demand. Surfactants are known to increase oil recovery through reducing interfacial tension (IFT) and/or altering the rock wettability. The selection of surfactants for high‐salinity high‐temperature oil fields is a challenging task owing to poor thermal stability, precipitation, and adsorption of surfactants on reservoir rocks. Sulfobetaine‐based polyoxyethylene zwitterionic surfactants have shown excellent thermal and surface properties. However, their solubility in high‐salinity brines becomes poor particularly with a long hydrophobic tail (>C17). Recently, we synthesized such types of surfactants by incorporating ethylene oxide (EO) units into the hydrophobic tail, which improved the solubility in formation water (213,734 ppm) and seawater (SW) (57,643 ppm). In this work, we investigated the IFT, thermal stability, rheological behavior, and foaming properties of two polyoxyethylene zwitterionic surfactants having different degrees of ethoxylation. Aging experiments exhibited excellent thermal stability and no change in the chemical structure was detected. The surfactant with lesser EO units (EASB‐1a) showed a lower IFT compared to the surfactant with higher EO units (EASB‐1b). Rheological studies revealed that the addition of both surfactants reduced the viscosity of the acrylamide copolymer. However, the effect of EASB‐1a was more prominent compared to that of EASB‐1b. The surfactant with a higher degree of ethoxylation showed lower adsorption compared to the surfactant with a lesser degree of ethoxylation. Both surfactants showed excellent foamability and foam stability compared to the commercial surfactants. Excellent thermal stability, water solubility under harsh reservoir conditions, foaming properties, and lower adsorption make them a suitable choice for high‐temperature, high‐salinity reservoirs.