A reactive P-Cyclodextrin (P-CD) based monomer carrying vinyl carboxylic acid functional groups was synthesized via reaction of P-CD with maleic anhydride (MAH) in N,N-dimethylformamide (DMF) at 80degreesC. By copolymerization of the monomer with N-isopropylacrylamide (NIPA), a novel hydrogel, poly(NIPA-co-MAH-P-CD) with pH and temperature sensitivities plus molecular inclusion function, was obtained using free radical polymerization in aqueous solution. The hydrogel's composition was determined by element analysis and infrared spectroscopy. Equilibrium swelling ratio (ESR) of hydrogels was tested under different environment of pH, temperature and ionic strength. The results indicated that ESR of hydrogels presents marked variations following the change of experimental conditions used.