Poly(2-hydroxyethyl methacrylate) (PHEMA) and poly(2-hydroxyethyl methacrylate-co-sodium methacrylate) [P(HEMA-co-SMA)] hydrogels with different compositions were prepared to be used as intravaginal rings, and their gelation time, water content, mechanical properties and morphology were investigated. The water content of PHEMA and P(HEMA-co-SMA) hydrogels decreased as the concentration of the monomer and the degree of crosslinking increased, while the water content significantly increased as the content of SMA, the hydrophilic monomer, increased. The increasing of the concentration of the crosslinking agent affected the tensile and flexural properties highly. The presence of a proper small amount of SMA also led the tensile and flexural modulus to move to a higher level. The results showed that P(HEMA-co-SMA) hydrogel with high drug load and good mechanical properties at optimum preparation conditions can be prepared for intravaginal rings to deliver nonhormonal contraceptives. These results may be applied to prepare better intravaginal drug delivery devices.