Emulsion polymer is a liquid polymer synthesized using inverse emulsion polymerization. Compared to powdered partially hydrolyzed polyacrylamide (P-HPAM), emulsion polymer features a short dissolution time, strong emulsification, good viscosity-enhancing performance, and a uniform, stable system. Daqing Oilfield has conducted field tests on medium molecular weight (1200 ~ 1600 × 104 g/mol) emulsion polymer flooding, achieving significant increases in oil recovery and reduced water production. This paper evaluates the basic physical and chemical properties of GF-3 low molecular weight emulsion polymer (GF-3, < 1000 × 104 g/mol) and compares it with P-600 low molecular weight powdered partially hydrolyzed polyacrylamide (P-600) through oil displacement experiments. GF-3 exhibits superior viscosity enhancement, shear resistance, adsorption resistance, viscosity stability, emulsification, and wettability compared to P-600. The natural core oil displacement experiment was carried out using a polymer solution prepared by first preparing the mother solution with fresh water, followed by dilution with fresh water. At a polymer concentration of 1150 mg/L and consumption of 736 mg · L−1 PV, GF-3 flooding achieved an enhanced oil recovery factor of 14.3% OOIP, which is 4.0% OOIP higher than that of P-600 flooding. Under the same viscosity of 20 mPa · s, GF-3 flooding resulted in an enhanced oil recovery factor of 13.0% OOIP, which is 2.7% higher than that of P-600 flooding, while also saving 17.4% of polymer consumption. Under conditions of smooth injection into natural core, GF-3 exhibited higher resistance coefficients and residual resistance coefficients than those of P-600, indicating its excellent mobility control ability and promising application prospects for improving oil recovery in low permeability oil fields.