The invention discloses oleoyl amino acid-alpha-cyclohexyl-alpha-hydroxyl-phenylacetic acid-4-diethylamino-2-butynoate, a synthesis method and application. Its structural formula is obtained by condensation of alpha-cyclohexyl-alpha-hydroxyl-phenylacetic acid-4-diethylamino-2-butynoate-glycine and sodium oleoyl amino acid. Oleoyl amino acid-alpha-cyclohexyl-alpha-hydroxyl-phenylacetic acid-4-diethylamino-2-butynoate can serve as an ion responsive oil displacement agent which is suitable for clean and efficient oil displacement of various oilfields, the problem that existing chemical oil displacement agents are serious in residue pollution, difficult in demulsification and in-supportive of recycling is overcome, and the problems of environment pollution and subsequent demulsification and aftertreatment of the oil displacement agents are reduced. Compared with chemical oil displacement agents widely used at present, the oil displacement agent has the outstanding advantages of little environment pollution, convenience in emulsification-demulsification and convenience for recycling and can be used as a clean and efficient oil displacement agent for various oilfields.