A low-shrinkage and viscosity-reducing polycarboxylate superplasticizer was synthesized with maleic anhydride (MAH), diethylene glycol monobutyl ether, and methoxypoly (ethylene glycol) methacrylate (MPEGnMA). The surface tension, early shrinkage, cement paste performance, and application performance of concrete made with the synthesized water-reducing admixture were tested. A series of experiments were conducted to determine the optimal range of plastic viscosity coefficients for producing high-quality, fair-faced concrete with minimal surface defects. These experiments utilized both the synthesized water-reducing admixture alone and in combination with other water-reducing agents. The results showed that the synthesized water-reducing admixture had an ideal molecular structure, as confirmed by the GPC spectrum. When added to an aqueous solution, it reduced the surface tension from 72.47 mN/m to 30.56 mN/m. The 72 h shrinkage value of concrete was reduced by 20.6% compared with that of the conventional control group, effectively reducing shrinkage and adjusting the viscosity of the concrete mixture. Additionally, the influence of the plastic viscosity coefficient on the apparent voids in fair-faced concrete was investigated. This study revealed that when the plastic viscosity coefficient was between 5 and 10 Pa·s, the apparent void grade of the fair-faced concrete was simultaneously excellent and good. This water-reducing admixture helped prevent surface cracking and voids in fair-faced concrete, making it a suitable choice for producing high-quality fair-faced concrete surfaces.