The cold flow property of biodiesel can be effectively improved by pour point depressants (PPD). The terpolymer (AHM) was prepared by solution polymerization of hexadecyl methacrylate, hydroxyethyl methacrylate and maleic anhydride. The effect of AHM on pour point reduction of biodiesel was also investigated. The hexadecyl methacrylate and AHM were characterized by infrared spectroscopy. The optimal reaction conditions of AHM were determined by single factor experiment: n(hexadecyl methacrylate)/n(hydroxyethyl methacrylate)/n(maleic anhydride)=2∶1∶2, the initiator mass fraction is 3.0%, the solvent mass fraction is 65%, the reaction time is 3 h, and the reaction temperature is 85 ℃. When the mass fraction of AHM is 0.7%, the freezing point of biodiesel decreased by 12 ℃. The morphology of wax crystals precipitated from biodiesel at low temperature after adding pour point depressant was observed by polarizing microscope, and the morphology was more uniform and dense.