The purpose of this paper is twofold. The first is to numerically investigate and reveal the effect of polymer viscoelasticity on the retraction of a deformed drop using the lattice Boltzmann (LB) method and polymer kinetic theory. More importantly, the second is to propose a novel method to evaluate the interfacial tension between polymer melts based on the numerical study. Compared with the conventional deformed drop retraction method (DDRM), the present method is designed to greatly reduce the impact of polymer viscoelasticity on measuring interfacial tension. To verify, the interfacial tension between molten PP and POE is evaluated using the proposed method and obviously closer result to the true value is shown.