In order to improve fuel economy to meet the standard for passenger car oil, a new formulation with good viscosity–temperature performance for gasoline engine oil is required. In this study, coal-to-liquid (CTL) base oil, with a high viscosity index and good low-temperature performance, was selected as the base oil to develop the gasoline engine oil. A systematic study on the molecular interaction between the CTL base oil and the viscosity index improver (VII), including three kinds of hydrogenated styrene diene copolymers (HSD-type) and four kinds of ethylene propylene copolymers (OCP-type), was conducted. It was found that in general, in CTL base oil, the HSD-type VII exhibited a much higher viscosity index, a significantly lower shear stability index, a higher thickening ability, and a lower cold-cranking simulator (CCS) viscosity than that of OCP-type VII. Moreover, when comparing CTL base oil with mineral oil 150N, the combination of CTL base oil and the VII displayed a lower CCS viscosity than that of mineral oil, suggesting it had better low-temperature performance and was able to quickly form a protective oil film on the surface, which was beneficial for the cold start. The functional group distribution state of the VII in base oil was analyzed using synchrotron radiation micro-infrared microscope (SR Micro-IR) technology, which revealed that HSD-1 had a better molecular interaction with CTL6 than 150N because of the better uniformity of the C=C group distribution. Based on this, a SP 0W-20 gasoline engine oil was developed by the combination of CTL base oil and the HSD-1 viscosity index improver, together with an additive package, a polymethacrylate pour point depressant, and a non-silicone defoamer, which showed excellent low-temperature performance, thermal oxidation stability, and detergency performance compared to the reference oil.