A poly(acrylic acid)/gelatin interpenetrating network hydrogel was synthesized by aqueous solution polymerization. The influences of preparation conditions including cross-linker, initiator, gelatin content, and neutralization degree on the swelling ratios of the hydrogels are investigated. The swelling, mechanical strength, biodegradability, and drug-release properties of poly(acrylic acid)/gelatin hydrogel are evaluated. The hydrogel has excellent mechanical properties; tensile strength is 1500 kPa, and elongation at break is 887%, respectively. The in vitro biodegradation shows that an interpenetrating network structure exists in the poly(acrylic acid)/gelatin hybrid hydrogel. A release study indicates that the theophylline release from the hydrogel depends on the cross-linking density of the hydrogel and pH of the medium, and the drug diffusion obeys an anomalous transport model.