Polymer-dispersed liquid crystal (PDLC) films were fabricated between two indium tin oxide (ITO) film substrates by means of polymerization-induced phase separation, and the electro-optical properties of the PDLC films were investigated. For the preparation of one PDLC film, 1,4-butanediol diacrylate (BDDA), butyl methacrylate (BMA), and 2-hydroxypropyl acrylate (HPA) were used as monomers, whereas for that of the other, no HPA was used. The experimental results are compared for the HPA-containing and HPA-free PDLC film. The HPA-containing one shows a larger elasticity for the polymer matrix and a higher adhesion strength between the two ITO films. Moreover, the electro-optical properties and the thermal stability are significantly improved for the HPA-containing PDLC film. The role of monomer HPA on the morphology, stability, and electro-optical properties of the PDLC film is discussed.