Conventional fluid loss additives have difficultly controlling the water loss of cement–metakaolin slurry with semi-saturated brine cement slurry and limiting it to less than 50 mL (30 min)⁻¹. This paper describes the development of an anti-salt fluid loss additive for metakaolin–cement systems. This study adopted the aqueous solution polymerization method; selected four kinds of monomers, namely 2-Acrylamido-2-methylpropane sulfonic acid (AMPS), N,N-Dimethylacrylamide (DMAA), acrylamide (AM), and methyl acrylate (MA); and performed a single-factor experiment on the proportion of monomer, reaction temperature, initiator dosage, and developed fluid loss additive, which has a high salt tolerance and temperature tolerance. This fluid loss additive can resist salt until saturation, and it can control fluid loss in 24 mL·(30 min)⁻¹ when its dosage is 2%. The fluid loss additive can achieve the effect of fluid loss reduction by increasing the filtrate viscosity, forming a flexible elastic adsorption layer via adsorption, and blocking mud cake pores.