A series of amphoteric hydrophobic-associative flocculants with outstanding flocculation efficiency and salt tolerance, poly(acrylamide/acrylic acid/dimethyl benzyl aminoethyl acrylate chloride), are successfully prepared (named AAB series) and used to flocculate the montmorillonite suspensions. The solution properties of AAB copolymer are systematically evaluated by viscometer, rheology and steady-state fluorescence analysis. The results suggest that the space network structure forming via hydrophobic-associating interaction can increase solution viscosity and improve the bridging capacity of copolymers. Meanwhile, the apparent viscosity in salt solution increases with increase in the concentration of salt stemming from the anti-polyelectrolyte effect of polyampholyte. Further, the flocculation performances of flocculants in 1 wt% montmorillonite suspensions are evaluated by turbidity, optimal dosage and settlement rate measurement. The results elaborate that the flocculation performances of amphoteric hydrophobic-associating AAB flocculants are better than that of commercial flocculants (cationic and anionic polyacrylamide) and homemade cationic flocculant (AAB-0-5) independent of the type and concentration of salt. The novel ampholyteric hydrophobic-associative flocculants will exhibit intriguing prospective in industry water treatment, in that the anti-polyelectrolyte effect of polyampholyte and hydrophobic-associating interaction can endow excellent flocculation efficiency and salt tolerance.