Single-type viscosity reducers often fail to meet the application requirements of specific oilfields for high-viscosity heavy oils. This study focused on Henan heavy oil, systematically investigating the viscosity reduction performances of oil-soluble viscosity reducers, emulsifiers, and their composite systems. Experimental results indicated that the oil-soluble ethylene-vinyl acetate copolymer (EVA) achieved optimal efficiency at a concentration of 500 ppm, with a viscosity reduction rate of 44.2%. Among the screened emulsifiers, acrylonitrile-ethylene-styrene (AES) exhibited the highest viscosity reduction rate (99.9%), which basically complied with relevant industrial application standards. When EVA and AES were compounded, the resulting composite reducer showed a significantly higher viscosity reduction rate than single EVA, and the stability of the formed oil-in-water (O/W) emulsion was further enhanced. The synergistic mechanism was clarified as follows: EVA first disrupts the aggregation of heavy components (resins and asphaltenes) and modifies wax crystal morphology, creating a favorable microfoundation for subsequent emulsification; AES then promotes the formation of stable O/W emulsions, ultimately achieving a “1 + 1 > 2” synergistic viscosity reduction effect. Furthermore, the potential action mechanism of the EVA-AES composite system was verified using multiple characterization techniques. This study provides a valuable reference for the selection and practical application of heavy oil viscosity reducers in oilfield operations.