A novel multifunctional amide additive N-phenyl-p-phenylenediamine-dodecenylsuccinic anhydride (PPA-DDSA) was synthesized by the reaction of DDSA and N-phenyl-p-phenylenediamine. The successful synthesis of amide additive was confirmed by various analytical techniques like Fourier Transform infrared spectroscopy, nuclear magnetic resonance spectroscopy, and thermogravimetric analysis. Performance of prepared additive was evaluated as multifunctional additive for anti-oxidant, detergent dispersant, anti-corrosion, and lubricity properties. The MAK-500 ® mineral base oil and synthetic polyol base oil were used as a reference. The antioxidant property was evaluated by using the 2,2-diphenyl-1-picrylhydrazyl method, which revealed that PPA-DDSA was better antioxidant than PPA and gallic acid but less effective than butylated hydroxytoluene. PPA-DDSA was found to be excellent detergent dispersant in polyol in comparison to the MAK-500. At 4000 ppm additive concentration, the coking value is reduced to 0.0205 g from the value of 0.0840 g for blank polyol while the % dispersancy increased to 40.67 from 20.00 for polyol base oil. The antiwear property was observed to be better in the MAK-500 while the antifriction potential was found to be better in polyol base oil. The average wear scar is reduced from 881 to 550 μM at 2000 ppm concentration in MAK-500 base oil, while at 3000 ppm PPA-DDSA concentration, the average friction coefficient reduces to 0.0826 from 0.1276 for blank polyol.