A new oxygenated fuel, methyl 2-methoxy-propyl carbonate, designed according to the fuel design theory and the special burning performance of diesel engine, was synthesized by using propylene glycol monomethyl aether, carbonic acid dimethyl ester, and metal sodium. The optimum transesterification reaction conditions were gained as: n(propylene glycol monomethyl aether):n(carbonic acid dimethyl ester)=2:1, w(catalyst with a metal sodium) = 2% total amount of materials, reaction time 5h, and temperature keeping at 85°C. Yield of methyl 2-methoxy-propyl carbonate 75.0%. By checking up physicochemical properties and making diesel engine test of the fuel blend, which testified that the oxygenated fuel was a kind of available substitution for petroleum.