The urgent problem to be solved in heavy oil exploitation is to reduce viscosity and improve fluidity. Emulsification and viscosity reduction technology has been paid more and more attention and its developments applied. This paper studied the viscosity reduction performance of three types of viscosity reducers and obtained good results. The viscosity reduction rate, interfacial tension, and emulsification performance of three types of viscosity reducers including anionic sulfonate, non-ionic (polyether and amine oxide), and amphoteric betaine were compared with Daqing crude oil. The results showed that the viscosity reduction rate of petroleum sulfonate and betaine was 75–85%. The viscosity reduction rate increased as viscosity reducer concentration increased. An increase in the oil–water ratio and polymer decreased viscosity reduction. When the concentration of erucamide oxide was 0.2%, the ultra-low interfacial tension was 4.41 × 10−3 mN/m. When the oil–water ratio was 1:1, the maximum water separation rates of five viscosity reducers were different. With an increase in the oil–water ratio, the emulsion changed from o/w emulsion to w/o emulsion, and the stability was better. Erucamide oxide and erucic betaine had good viscosity reduction and emulsification effects on Daqing crude oil. This work can enrich knowledge of the viscosity reduction of heavy oil systems with low relative viscosity and enrich the application of viscosity reducer varieties.