The silicone succinate surfactant (PMPS) was synthesized by ring-opening reaction using polyether alcohol amine modified polysilosane (PAPS) with maleic anhydride (MA) as the raw materials, and p-toluenesulfonic acid (PTSA) was used as the catalyst. Sulfated castor oil and sulfated rapeseed oil were combinated with PMPS to prepare a new leather fatliqour (PMPSF) composed mainly of PMPS. The molecular structure of PMPS was characterized by FTIR spectra; the thermal properties of PMPS was characterized and analyzed by TGA. PMPSF was used in sheepskin wet blue leather and compared with oxidative sulfited vegetable oils (L-3) and RF-1 fatliquor; the waterproof and mechanical properties of the leather were measured. The results show that the thermal decomposition temperature of PMPS is 192.8°C. Fatliquor PMPSF provids a good level-dyeing property, the leather oiled by it has good flexibility and fullness, the waterproofness and mechanical properties of leather are also good. Moreover, compared with the leather fatliquored by L-3, the thickening rate of leather oiled by PMPSF reaches 13.7%.