To solve the shortcomings of poor solubility, low cationic strength, and small molecular weight of chitosan (CTS), acryloyloxyethyl trimethyl ammonium chloride (DAC) and 2-acrylamido-2-methylpropanesulfonic acid (AMPS) were introduced into the amino group of chitosan by graft copolymerization, and the modified chitosan flocculant CTS-DAC-AMPS was successfully prepared. The performance of CTS-DAC-AMPS in the treatment of papermaking wastewater was investigated, and the mechanism of the flocculation process was analyzed. The results showed that the crystal habit of CTS-DAC-AMPS was reduced, and the solubility range was broadened compared with CTS due to the introduction of DAC and AMPS. In addition, CTS-DAC-AMPS with quaternary ammonium and sulfonic groups prompted its cationic strength stronger than CTS. In addition to high thermal stability, CTS-DAC-AMPS, composed of two CTS molecules, one DAC molecule, and one AMPS molecule, had a long molecular chain. The results of flocculation experiments showed that the performance of CTS-DAC-AMPS in treating papermaking wastewater was better than that of unmodified CTS and commercially available flocculants. Based on the experimental results, the mechanism of CTS-DAC-AMPS treatment of papermaking wastewater was mainly charge neutralization.