Traditional free radical polymerization has poor controllability, and traditional petroleum-based lubricant additives have adverse effects on the environment. Poly (lauryl methacrylate (LMA)-soybean oil (SBO)) (P(LMA-SBO) was synthesized using Salen-Cu(II) complex as a catalyst and azodiisobutyronitrile (AIBN) as an initiator by the Schlenk techniques. The structure of P(LMA-SBO) was characterized by infrared spectroscopy (FT-IR), nuclear magnetic resonance (1H NMR), and gel permeation chromatography (GPC) followed by evaluating the solidification point depression performance by the Chinese standard method GB/T 510-2018, and the wax crystal morphology was studied by optical microscopy. The results show the catalytic activity could be 22.88 × 104 g·mol−1·h−1 and the number average molecular weight (M n) of the copolymer is 8.71 × 104 with a low dispersity (Ɖ) of 1.37 under the optimal conditions, which indicates good controllability of the polymerization. Adding 1.0%(w) P(LMA-SBO) to the lubricating oil fraction (350–500 °C) could reduce the solidification point by 15 °C. Therefore, the Salen-Cu (II) catalyst was successfully applied to the controlled polymerization of LMA and SBO. The vegetable oil-based solidification point depressant of P(LMA-SBO) could be used as a potential alternative to replace the traditional solidification point depressant in the future.