To overcome the problems of large dosage, fast sedimentation, and the unsatisfactory emulsification effect of traditional magnetic nanoparticles, polymer-modified magnetic nanoparticle Co 3 O 4 @HPAM was synthesized as an emulsifier for heavy oil O/W emulsion by modifying the surface of Co 3 O 4 . The composition of Co 3 O 4 @HPAM was characterized by Fourier transform infrared spectroscopy, X-ray diffraction analysis, thermogravimetric analysis, and scanning electron microscopy. Then, the effects of the mass fraction of magnetic nanoparticles before and after modification on the stability and rheology of the emulsion were compared and analyzed. The experiments show that the degree of reduction of the water-separation rate under the action of Co 3 O 4 @HPAM was 13 times higher than that under the action of Co 3 O 4 at the same mass fraction. By using Co 3 O 4 @HPAM, the water separation of the emulsion was only 6.74% at 4 h, while the viscosity reduction was greater than 97% at a mass fraction of 0.04%. Finally, combined with the test results of zeta potential, interfacial tension, contact angle, and oil droplet distribution, the effect mechanism of Co 3 O 4 @HPAM on the viscosity reduction of heavy oil emulsification was investigated. It is found that the polymer-modified magnetic nanoparticles have stronger negative electricity, a larger contact angle, and smaller interfacial tension, while the oil droplets under their action have a smaller radius and a more homogeneous distribution. The research in this paper provides a theoretical basis for the application of magnetic nanoparticles in heavy oil emulsification and viscosity reduction technology.