Herein, a series of novel disulfide polymers were synthesized by using the raw materials of diallyl-o-phthalate, tung oil, peanut oil, and styrene. Four kinds of products: Poly (sulfur-diallyl-o-phthalate) copolymer, poly (sulfur-tung oil) copolymer, poly (sulfur-peanut oil) copolymer, and poly (sulfur-styrene-peanut oil) terpolymer were characterized, and their solubility was studied and compared. Among the four kinds of disulfide polymers, poly (sulfur-styrene-peanut oil) terpolymer had the best solubility in an organic solvent, and it was chosen to be the active cathode material in Li-S battery. Subsequently, two different conductive additives—conductive carbon black and graphene were separately blended with this terpolymer to prepare two battery systems. The electrochemical performances of the two batteries were compared and analyzed. The result showed that the initial specific capacity of poly (sulfur-styrene-peanut oil) terpolymer (blended with conductive carbon black) battery was 935.88 mAh/g, with the capacity retention rate about 43.5%. Comparingly, the initial specific capacity of poly (sulfur-styrene-peanut oil) terpolymer (blended with graphene) battery was 1008.35 mAh/g, with the capacity retention rate around 60.59%. Therefore, the battery system of poly (sulfur-styrene-peanut oil) terpolymer with graphene showed a more stable cycle performance and better rate performance. This optimized system had a simple and environmental-friendly synthesis procedure, which showed a great application value in constructing cathode materials for the Li-S battery.