The interpenetrating polymer networks (IPNs) of polyacrylic acid (PAA)-polyethylene glycol (PEG) were synthesized via crosslinking of PEG and simultaneous free radical polymerization of PAA. The equilibrium swelling of the IPNs matrices, ranged from 40% to 95%, was varied to a great extent as compared with PAA homopolymer due to the interpolymer interaction between PAA and PEG. The drug release kinetics of drug loaded matrices was significantly affected by the charge of drugs as well as interpolymer complexation.