In the practical application of hydraulic rotating machinery, it is essential to thoroughly explore drag reduction and rheological characteristics of drag-reducing additives to optimize machinery efficiency and reduce equipment consumption. This paper combines simulation and experimental approaches to investigate the drag-reduction performance and rheological properties of drag-reducing additives. Numerical simulations are initially conducted to investigate the shear-thinning properties of drag-reducing fluid and explore variations in drag-reduction rate. Turbulent phenomena characteristics are described by analyzing turbulent statistical quantities. Subsequently, the rheological behaviors of polyethylene oxide (PEO), cetyltrimethyl ammonium chloride (CTAC), and their mixed solutions under different conditions are scrutinized using a rotational rheometer. The findings indicate that the drag reduction effect amplifies as the rheological index n and characteristic time λ decrease. The numerical simulations show a maximum drag reduction rate of 20.18%. In rheological experiments, a three-stage viscosity variation is observed in single drag-reducing additives: shear thickening, shear thinning, and eventual stabilization. Composite drag-reducing additives significantly reduce the apparent viscosity at low shear rates, thereby strengthening the shear resistance of the system.