A cleavable cationic surfactant having carbonate linkage, N,N,N-trimethyl-2-(((hexadecyloxy)carbonyl)oxy)ethan-1-aminiumiodide referred to as THC was synthesised and characterized employing elemental analysis, FT-IR (Fourier Transform Infrared Spectroscopy), 1H NMR (Nuclear Magnetic Resonance) and 13C NMR. The extent of corrosion inhibition of THC was for the first time studied experimentally and theoretically on mild steel (MS) substrate in 5 % HCl solution at temperatures 303, 313, 323, 333, 343, 353 K. Experimental investigations include gravimetric analysis, potentiodynamic polarization (PDP) and electrochemical impedance analysis (EIS). THC provided maximum inhibition efficiency of 93.2 % at concentration of 1×10−4 M at 303 K which was further raised to 98.1 % at 353 K. PDP studies reveal that given surfactant is mixed type inhibitor. Surface studies such as contact angle measurement, AFM (Atomic Force Microscopy), SEM-EDX (Scanning Electron Microscope-Energy Dispersive X-ray Analysis), and XPS (X-ray Photoelectron Spectroscopy) were employed to justify the adsorption of inhibitor molecules on MS surface. Furthermore, biodegradability test on THC was done to support the environment friendly nature of the surfactant.