The emergence of the blockchain-based self-sovereign identity model holds promise for addressing the problems in traditional digital identity models. However, existing schemes fail to cover privacy preservation throughout the entire lifecycle of credential issuance, verification, and revocation. In this paper, we propose a novel blockchain-based self-sovereign identity system and redesign its credential scheme. By leveraging the PS signature and zero-knowledge proof, our scheme preserves the privacy of holders’ private attributes when issuing and verifying credentials. Additionally, with the cryptographic accumulator, our scheme does not reveal any issued or revoked credentials, thereby achieving privacy protection throughout the entire lifecycle of credential management. Finally, we provide a security analysis and performance evaluation, demonstrating the security and practicality of our scheme.