The invention provides a viscosity reduction type active macromonomer. The invention further provides a viscosity reduction type polycarboxylic acid water reducer. According to the viscosity reductiontype polycarboxylic acid water reducer provided by the invention, all ingredients and all functional groups are in mutual synergism; compared with viscosity reduction type polycarboxylic acid water reducers synthesized in the prior art, the viscosity reduction type polycarboxylic acid water reducer has the advantages that the viscosity reduction effect is superior, and the water reducing rate isnot affected; meanwhile, a large number of hydrophobic alkyl groups and ester groups are introduced into a PEG lateral chain, so that the HLB value is lowered, the surfactivity effect is enhanced, andthe viscosity reduction type polycarboxylic acid water reducer has a good reduction effect; and concrete doped with the product provided by the invention is low in shrinkage and does not crack. The viscosity-reduction hydrophobic functional groups are located on the lateral chain, the viscosity reduction effect of the water reducer can be regulated through the content of the viscosity-reduction functional groups, however, the content of dispersion groups is not affected, the dispersion effect on cement particles is not affected, and the dispersion and water reduction effects of the water reducer are not affected.