Cationic polyacrylamide (CPAM) solid particle is one of the most commonly used organic polymer flocculants in oilfield wastewater treatment, but it poses some problems, such as a slow dissolution rate and an easy formation into a “fish-eye” in the process of diluting into aqueous solution. However, the current liquid CPAM products also have some problems, such as low effective content, poor storage stability, degradation in a short time, and high preparation costs. In this paper, a CPAM suspension was successfully prepared with 50.00% CPAM fine powder, 46.87% oil phase solvent, 0.63% separating agent, 1.56% emulsifying and dispersing agent, and 0.94% rheology modifier. This suspension has an effective content of 50.00%. It also showed no separation in 7 days of storage at room temperature, no separation in 30 min of centrifugation at a speed of 2000 rpm, and diluted to a 0.40% solution in just 16.00 min. For 1000 NTU of diatomite-simulated wastewater, the optimal turbidity removal rate of the suspension was 99.50%, which was higher than the optimal turbidity removal rate of 98.40% for the inorganic flocculant polymeric aluminum chloride (PAC). For oilfield wastewater, the optimal turbidity removal rate of the CPAM suspension was 35.60%, which was higher than the optimal turbidity removal rate of 28.40% for solid particle CPAM. In a scale-up test, the CPAM suspension achieved a good application effect.