A novel hyperbranched ester plasticizer (SOHE) was synthesized from soybean oil. FTIR, 1 H NMR, and 13 C NMR spectroscopies were used to analyze the chemical structure of SOHE. SOHE was added into poly(vinyl chloride) (PVC). Thermal, mechanical, and dynamic mechanical properties of PVC samples were studied with thermal gravimetric analysis, dynamic mechanical analysis, and tensile tests. The results of SOHE substitution of petroleum-based dioctyl phthalate (DOP) in soft PVC samples were studied. The results indicated that PVC blends mixed with the obtained plasticizer showed higher thermal stability and flexibility. When DOP was completely replaced with SOHE, the T i , T 10 , and T 50 of the films were raised to 267.5, 275.3, and 338.0 °C, respectively. The plasticizing mechanism was also investigated. The volatility resistance and extraction were studied, which results indicated that the migration stability of PVC samples was significantly enhanced with the increasing amount of SOHE.