Using zinc oxide (ZnO), tourmaline (TM), and polyethylene terephthalate (PET) as main raw materials, a novel ZnO/TM/PET negative ion functional fiber was created. The rheological properties of a ZnO/TM/PET masterbatch were investigated; the morphology, XRD, and FT-IR of the fibers were observed; and the mechanical properties, thermal properties, and negative ion release properties of the new fiber were tested. The results showed that the average particle size of the ZnO/TM composite is nearly 365 nm, with an increase in negative ion emission efficiency by nearly 50% compared to the original TM. The apparent viscosity of fiber masterbatch decreases with the increase in the addition of the ZnO/TM composite, and the rheological properties of the PET fiber masterbatch are not significantly effected, still showing shear thinning characteristics when the amount of addition reaches 10%. The ZnO/TM composite disperses well in the interior and surface of the ZnO/TM/PET fiber matrix. The prepared ZnO/TM/PET fiber has excellent properties, such as fineness of 1.54 dtex, glass transition temperature of 122.4 °C, fracture strength of 3.31 cN/dtex, and negative ion release of 1640/cm3, which shows great industrialization potential.