A new mucoadhesive polymer complex was prepared by the template polymerization of acrylic acid with poly(ethylene glycol) macromer (PEGM) as a template polymer. Fourier transform infrared results showed that the poly(acrylic acid) (PAA)/PEGM mucoadhesive polymer complex was formed by hydrogen bonding between the carboxyl groups of PAA and the ether groups of PEGM. The glass-transition temperature of the PAA/PEGM mucoadhesive polymer complexes was shifted to a lower temperature as the repeating unit ratio of PAA/PEGM in the complex decreased. The dissolution rate of the PAA/PEGM mucoadhesive polymer complex was much slower than that of the PAA-/poly(ethylene glycol) (PEG) mucoadhesive polymer complex and was dependent on the pH and molecular weight of PEGM. The mucoadhesive force of the PAA/PEGM mucoadhesive polymer complexes was stronger than that of commercial Carbopol 971P NF and almost the same as that of the PAA/PEG mucoadhesive polymer complex. The PAA/PEGM interpolymer complex seemed to be a better mucoadhesive polymer matrix than the PAA/PEG interpolymer complex.